Portillo's Inc., also known by its ticker symbol PTLO, has publicised the cost of its publicly underwritten offer of 8 million shares of Class A common stock. The company predicts an inflow of roughly $116 million from this offering, given that the underwriters decide not to utilise their right to buy extra shares.
The offering is due to wrap up on March 4, 2024. The underwriter possesses a 30-day option to buy as many as 1,200,000 more shares of Class A common stock at the public offering price. However, this will be less the underwriting discounts and commissions.
PTLO stock wrapped up regular trading on Wednesday at a price of $15.37, reflecting a drop of $0.53 or 3.33%. After-hours trading saw the stock price decline further by $0.86 or 5.60%.
