Shake Shack Announces IPO
Shake Shack is about to make investors line up for shares with an IPO next year. Danny Meyer's global burger and custard chain filed to go public yesterday, saying it could raise up to $100M by selling an unspecified number of shares. The company, known for bringing a locavore mindset to fast food staples, currently operates 63 stores around the world, with 31 in the US and seven in New York City.
While Shake Shack, a subsidiary of Union Square Hospitality Group, got its modest start at a literal shack in Manhattan's Madison Square Park, the Middle East has proven its hungriest market; there are now 20 locations in the region. JPMorgan Chase and Morgan Stanley are the head underwriters on the IPO. The company plans to spend the IPO money on opening new locations, freshening up old ones and paying off debts.