Shake Shack files for $100 Million IPO
December 29, 2014
Atlanta Business Chronicle
The restaurant group behind one of Atlanta's most anticipated burger joints is looking to go public.
New York City-based Shake Shack Inc., which opened its first Atlanta restaurant this fall in the Buckhead Atlanta development, on Dec. 29 filed for a $100 million initial public offering.
That could value the company at $1 billion in the IPO, according to Bloomberg.
Shake Shack would take the ticker symbol "SHAK" and would be traded on the New York Stock Exchange.
Shake Shack is a "modern day roadside burger stand," says the company, which was founded by Danny Meyer's Union Square Hospitality Group LLC in 2001. It started as just a hot dog cart, but today has grown to 63 locations in nine countries and 34 cities.
Shake Shack opened its Atlanta location in September and instantly drew long lines of customers.
The company could add more locations in the city, according to a filing with the U.S. Securities and Exchange Commission. Shake Shack's overall goal in the U.S. is to open 10 new company-operated stores each year starting in 2015, growing to as many as 450 locations in coming years.
"We will continue to not only fill in existing markets such as New York, Boston, Philadelphia, Washington, D.C., Atlanta, Chicago and South Florida to leverage operational effectiveness as we cluster in high-density markets, but also enter new markets, such as Austin, where we have signed leases," says the filing.
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