El Pollo Loco files to raise $100 million in IPO

Associated Press |

NEW YORK (AP) — El Pollo Loco Holdings Inc. on Tuesday filed paperwork that will take the chicken chain public.

The company, whose name means "the crazy chicken" in Spanish, expects to raise about $100 million in its initial public offering, although that amount can change based on investor demand.

The Costa Mesa, California-based company operates 168 restaurants and franchises another 233 locations, all of which are based in five Western states. It plans to open eight to 10 company-operated locations and four to six franchised units this year.

It earned $5.5 million on revenue of $81.4 million in the first three months of the year. Sales in locations open at least 15 months — a key metric of a retailer's health — rose 7.2 percent over the same time.

El Pollo Loco plans to use proceeds from the IPO to repay debt.

The company intends to list its stock on the Nasdaq Global Select Market under the ticker symbol "LOCO."

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