Portillo's stock debuts with a 30% gain after Chicago street food company raises $405.4 million in IPO

Portillo's stock debuts with a 30% gain after Chicago street food company raises $405.4 million in IPO

Portillo's stock debuts with a 30% gain after Chicago street food company raises $405.4 million in IPO

Portillo’s Inc.
PTLO,
+41.00%

received a nice ovation in its public debut Thursday, as the Chicago street food company’s stock opened 30% above its IPO price, and then rose further. The company raised $405.4 million as it sold 20.27 million shares in its initial public offering, which the company said overnight priced at $20 a share, or at the top of the expected range of between $17 and $20 a share. The stock’s first trade on the Nasdaq was at $26.00 at 10:59 a.m. ET for 2.46 million shares. It has edged higher since to trade up 32.6% at $26.52, representing a market capitalization of about $1.9 billion, according to FactSet. The company’s upbeat debut came on a day of relatively strong investor interest in IPOs, as the Renaissance IPO ETF
IPO,
+0.97%

surged 1.2% in morning trading while the S&P 500 slipped 0.1%.