Food & Beverage

Torchy's Tacos looking at $1B IPO?

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March 16, 2021

Texas-based Torchy's Tacos may be going public this year and if it does, the company could raise $300 million to be valued at $1 billion.

Torchy's, which was backed by investment firm General Atlantic for approximately $400 million last year, hasn't made a final decision yet on its IPO but is working with Morgan Stanley, Bank of America and JP Morgan Chase & Co., according to a report in Bloomberg.com, which also said that the restaurant formed a strategic partnership with growth investor General Atlantic in 2017, and sold an additional stake to a group backed by General Atlantic for about $400 million last year.

The chain has not responded to FastCasual's request for comment.

Torchy's Tacos began in a food trailer in Austin, Texas in 2006, and opened its first permanent restaurant in Austin in 2009. It opened 12 restaurants in 2020 and has more than 75 locations in 10 states.