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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.
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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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.