Estimated read time: 1-2 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Shake Shack increased the projected price range for its initial public offering of stock in the burger chain.
The fast-growing company, which began as a New York City hot dog cart in 2001, said in a regulatory filing Wednesday that it now anticipates its IPO of 5 million shares to price between $17 and $19 per share. Its range had been between $14 and $16.
Based on the new estimated price range, Shake Shack may raise up to $95 million.
In 2013, Shake Shack posted revenue of $84.5 million, up 45 percent from the year before. It had a profit of $5.4 million in 2013, up 31 percent.
Restaurateur Danny Meyer's first location, or stand, was in Manhattan's Madison Square Park. Three years later a more permanent kiosk opened in the same park. Privately held Union Square Hospitality Group now has 63 restaurants in nine countries.
Shake Shack promotes its use of natural ingredients, including hormone- and antibiotic-free beef. It's known for its long lines and vibrating pagers that let diners know when their order is ready.
Shake Shack's stock is expected to list on the New York Stock Exchange under the "SHAK" ticker symbol.
The company plans to give IPO underwriters the option to buy up to 750,000 additional shares.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
