NEW YORK (TheStreet) -- Shares of El Pollo Loco Holdings, Inc (LOCO) are slipping, down 3.14% to $28.69 in early market trading Thursday, after the Mexican restaurant company announced its public offering of six million shares of the common stock at a price of $27 per share.
The selling stockholders have granted the underwriters an option to purchase up to 900,000 additional shares of common stock.
Jefferies and Morgan Stanley are acting as active joint book-running managers for the offering.
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El Pollo Loco, Spanish for "The Crazy Chicken," specializes in fire grilling citrus-marinated chicken in front of its customers with more than 400 company-owned and franchised restaurants in the Southwest.