Portillo's Inc. /zigman2/quotes/230236215/composite PTLO -2.85% has set terms for its initial public offering, in which the profitable Illinois-based Chicago street food company is looking to raise up to $405.4 million. The company is offering 20.27 million shares in the IPO, which is expected to price between $17 and $20 a share. The company is expected to have 33.57 million Class A and 37.91 million Class B shares outstanding after the IPO, which would value the company at up to about $1.43 billion at the expected IPO pricing. The company is also expected to have 33.57 million LLC units outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol "PTLO." Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are the lead underwriters. The company recorded net income of $13.9 million on revenue of $258.0 million for the two quarters ended June 27, after a net loss of $733,000 on revenue of $217.3 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -4.67% has slipped 1.2% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has eased 0.7%.