Portillo’s officially filed its IPO Monday, taking one step closer to trading on the stock market. 

The chain, based in Chicago, has yet to announce the number of shares to be offered and the price range for the proposed offering.

Portillo’s reported in its SEC filing that it owned and operated 67 stores across nine states as of June 27, with restaurants generating average-unit volumes of $7.9 million and a restaurant-level adjusted EBITDA margin of 28.6 percent. The chain earned $455 million in revenue in 2020, down from $479 million in 2019. However, the brand is projecting a major comeback in 2021 as revenues are on pace to surpass $500 million by the end of this year. Same-store sales dropped 8.3 percent in 2020, compared to an increase of 3.2 percent in 2019. In the two quarters ending June 27, comps grew 13 percent, or growth of 2.5 percent on a two-year stack. 

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The average restaurant hauled in $3.4 million in drive-thru sales in 2019, $4.6 million in 2020, and $4.9 million in the 12 months ending June 27. That more than doubles the throughput of McDonald’s 2019 average drive-thru and more than triples its figures during 2020 and the 12-month period ending Q2. As for dine-in sales, the average Portillo’s captured $4.4 million in 2019, $1.9 million in 2020, and $1.9 million in the 12 months ending June 27. The 2019 figures are greater than Chipotle’s 2019 AUV of $2.2 million, approximately 90 percent of its 2020 AUV, and roughly 75 percent of its AUV during the 12 months ending Q2, according to the filing. 

Additionally, the average Portillo’s earned approximately $500,000 in delivery sales in 2019, nearly $800,000 in 2020, and about $850,000 in the 12 months ending June 27. That’s roughly 80 percent of Domino’s 2019 average delivery volume, approximately equal to its 2020 volume, and higher than its volume during the 12 months ending Q2. 

READ MORE: Portillo’s Intends to File IPO this Year

Portillo’s said all of its restaurants are profitable and none have closed in the chain’s 58-year history. 

“Our restaurants are buzzing with the energy and excitement of our team members and guests that bring everyone together, from single diners to large groups, around great food, drinks and fun,” the company said in its filing. “Our restaurants have attracted a growing cult-like following that has enabled us to thrive across a variety of suburban and urban trade areas around the country. “

In 2020, the best-selling item was Italian beef at 23 percent, followed by sides/fries (16 percent), hot dogs/sausages (14 percent), burgers (14 percent), beverages/beer (11 percent), salad (9 percent), desserts/other (5 percent), pasta/ribs/chicken (4 percent), and other sandwiches (4 percent). In 2019, the lunch daypart mixed 52 percent while the dinner daypart represented 48 percent of sales. 

Portillo’s said its long-term growth strategy is to grow the number of restaurants by roughly 10 percent annually. The near-term goal is filling in adjacent and national markets outside of Chicagoland and adding select new restaurants inside the Windy City. The chain believes it has white space to reach more than 600 restaurants domestically in the next 25 years. 

The Wall Street Journal reported in July that Portillo’s is seeking to be valued between $2.5 billion and $3 billion. The brand is owned by private-equity firm Berkshire Partners, which bought the restaurant in 2014 for almost $1 billion. Portillo’s is expected to be the third quick-service chain to reach the stock market in 2021, following Krispy Kreme and Dutch Bros Coffee.