The crazy chicken is coming to Wall Street.
If you're not from the West, you may not have heard of El Pollo Loco. But if you're an investor, you may smell something juicy cooking this week.
El Pollo Loco, which specializes in Mexican-style grilled chicken, is expected to begin trading Friday.
The restaurant chain is aiming to raise $107 million in an initial public offering of more than 7.1 million shares priced at $15, the company said Thursday. That is at the upper end of its previously-announced range. El Pollo Loco plans to list its stock under the ticker "LOCO" on Nasdaq.
It's a West Coast thing. El Pollo Loco has 401 locations in five U.S. states, including Texas and Arizona. But the vast majority of its restaurants are in California.
The first El Pollo Loco was opened in 1980 on Alvarado Street in Los Angeles, and the chain still has a huge presence in the city. Last year, it generated 80% of its revenue from the greater Los Angeles area.
El Pollo Loco has ambitious plans to expand. The company believes it has the potential to one day operate 2,300 locations in the United States, according to internal estimates.
Read - Will investors eat up El Pollo Loco IPO? and watch El Pollo Loco en fuego after IPO
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Geez. If it's not centered about NYC, it's centered around that huge Western-most state that can't manage itself. Hurry up and break up into the 4 or 6 states you're striving for and join the rest of the country. For the posters, there are no Polo Locos East of Texas.
We have Pollo Tropical in our area. Great change of pace from other fast food. Awesome platanos.
I really hope this chain realizes the gustatory benefits of dark meat chiicken, or I won't be patronizing them.
I'm sure they'll survive.
I have tried adding chicken stock to my portfolio, and it just turned it into a soggy mess.
LOL. You have to cook it down for several hours... ;)
One of few things I miss about living out west is El Pollo Loco. I hope they raise enough money and come to the midwest SOON!!!
At the time they opened in my town in the 80's, the food was pretty good. It was definitely a different take on chicken from KFC. Haven't been there in years though.
I hear they took over Los Pollos Hermanos' restaurants after their owner lost face in an embarrassing retirement home escapade.
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