On November 10, El Pollo Loco Holdings Inc. (NASDAQ: LOCO) filed with the U.S. Securities and Exchange Commission (SEC) for a secondary offering. There will be 6 million shares of common stock for sale and the underwriters will have the option for an additional 900,000. The underwriters for the offering are Jefferies, Baird, Stifel, Morgan Stanley and William Blair.

When 24/7 Wall St. originally covered the filing, the maximum value of the offering was over $250 million, based on market prices at that time. However, shares have taken a hit since the initial filing of this offering and were down around 8% to $33.50 in premarket trading on Monday from the November 10 close. This would put the value of the offering at roughly $200 million.

The initial public offering (IPO) for El Pollo Loco was also one of the hottest of the year, and everyone wanted a piece of the action. As far as how this secondary offering compares to the IPO, the firm sold 7.1 million shares at $15 per share in the IPO. The stock initially came public in late July, when it entered the market at $18.48. Since that time, shares have risen as high as $41.70. Considering the initial pricing was $15, this can definitely be called a hot IPO.

The company met earnings expectations in its most recent quarter, but the reaction was negative on concerns over high chicken prices.

Another point worth noting in Monday’s press release:

Jefferies and Morgan Stanley, the lead book-running managers in the Company’s recent initial public offering, are waiving a lock-up restriction with respect to shares of the Company’s common stock held by certain of the selling stockholders in the Offering, including certain directors and officers of the Company. The waiver will take effect on November 19, 2014, and the shares may be sold on or after such date. The Company will not receive any proceeds from the sale of shares by the selling stockholders.

Overall, the drop in the share price could provide another chance for many investors to get a piece of the company. At least that is for those who remain bullish on El Pollo Loco’s extensive growth prospects — and at a share price that is likely cheaper than previously thought.

The consensus analyst price target is $29.00, and the 52-week trading range is $18.48 to $41.70.

ALSO READ: 7 Analyst Stock Picks Under $10 With Massive Upside Calls

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