Why Portillo's Shares Are Getting Hammered Tuesday

Portillo's Inc PTLO shares are trading lower by 8.77% to $22.69 Tuesday morning after the company priced an 8 million share offering for gross proceeds of $183.2 million.

The underwriters have a 30-day option to purchase up to an additional 1,200,000 shares of Class A common stock at the public offering price.

The offering is expected to close on November 17, subject to customary closing conditions.

Portillo's owns and operates fast-casual restaurants in the United States, along with two food production commissaries in Illinois.

According to data from Benzinga Pro, PTLO has a 52-week high of $57.73 and a 52-week low of $14.84.