Shake Shack IPO Raises $105 Million; Shares To Trade Friday
Shake Shack Inc. NYSE: SHAK) raised $105 million Thursday in an initial public offering, pricing the shares at $21, according to a report by Bloomberg.
Shares are expected to start trading Friday.
Shake Shack boosted its estimated offering price on Wednesday to between $17 and $19 a share, up from $14 to $16 in its preliminary prospectus of January 20.
The New York-based "gourmet burger" chain operates 63 stores and expects to grow by quickly opening new locations, including at least 10 in 2015.
In the nine months ended September 24, revenue grew 39 percent to about $79 million.
Earnings fell to $3.5 million from $4.4 million. In the same period, the number of restaurants grew 60 percent to 53 total.
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