SAN FRANCISCO – El Pollo Loco Holding Inc. on Thursday withdrew its $135 million initial public offering with underwriter Bank of America.
“Market conditions make it inadvisable to proceed with the offering at this time,” the company said in a letter to the Securities and Exchange Commission.
The Irvine, Calif.-based restaurant chain filed to go public on May 8, with plans to trade on the Nasdaq under the symbol LOCO.
El Pollo Loco, which means “the crazy chicken” in Spanish, began as a single roadside chicken stand in Mexico in 1975, and opened its first U.S. location in 1980. The chain has 146 company-operated and 194 franchisee-operated stores, primarily in California, with others in Arizona, Nevada, Texas and Illinois.