Shake Shack chain orders up IPO
NEW YORK — 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 $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 and to renovate existing stores.
The origins of the restaurant date to 2001, when Union Square Hospitality Group, a company owned by restaurateur Danny Meyer, opened a hot dog cart in Manhattan’s Madison Square Park. Three years later a more permanent kiosk opened in the same park. There now are 63 Shake Shack restaurants around the world. In 2013, the company had revenue of $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.
Pedestrians walk by the Shake Shack in New York’s theater district.