Global burger chain Shake Shack orders up initial public offering
Shake Shack is bringing its burgers, milkshakes and crinkle-cut fries to Wall Street.
The burger chain filed for an initial public offering Monday, hoping to raise as much as US$100 million. It didn’t say how many shares it plans to offer, or at what price, so that number may change. It plans to use the cash raised to open more restaurants, including its first one in Austin, and to renovate existing stores.
There are now 63 Shake Shack restaurants around the world. In 2013, the company had revenue of US$84.5 million, up 45 percent from the year before. It posted a profit of $5.4 million in 2013, up 31 percent from 2012.