El Pollo Loco Shares Soar On Market Debut
Jul 25, 2014, 20:20 IST
Advertisement
The Costa Mesa, California-based firm had sold 7.1 million shares for $15 each in its IPO, according to a statement yesterday, after offering them for $13 to $15, Bloomberg said. Friday they were trading at more than $18.
That already makes their market cap larger than Potbelly's, another fast-casual chain that has seen its share price decline 62% since its debut in October. Potbelly's market cap is now $340 million compared with Pollo Loco's $540 million. Bloomberg's broader quick-service restaurant index is down 1.1% this year.
El Pollo Loco was founded in western Mexico in the late '70s. It now has hundreds of restaurants, mostly concentrated in the southwest but with some franchises elsewhere.