Shake Shack share price goes supersize on stock exchange debut
Shake Shack's share price has gone supersize on its stock market debut, rising almost 150 per cent from its initial public offering price of $21 per share.
Shares in the fast food chain are trading at around $48.5 per share on the New York Stock Exchange under the ticker symbol "SHAK", valuing the company at more than $1bn (£665m).
And to think the originally planned range was between $17 – $19.
The burger chain sold 5m shares, raising $105m and giving it an initial valuation of $745.5m.
Restaurateur Danny Meyer, who grew Shake Shack from humble beginnings in a hot dog cart in Madison Square Garden, said the blockbuster valuation didn't put any pressure on the company.
Myer told CNBC: "We cook one burger at a time with one smile at a time, and I don't know how you value that."
Shake Shack now has 63 stores worldwide, including a prime spot in Covent Garden in London. Its burgers and milkshakes helped the company generate more than $80m (£52m) in sales in the first nine months of 2014.
To celebrate today's milestone, a Shake Shack truck pulled up outside the New York Stock Exchange and gave away free burgers for two hours.
Shake Shack food truck giving out free burgers at the NYSE for the $SHAK IPO pic.twitter.com/KrVtxb73CS
— Mariah Summers (@mariahjsummers) January 30, 2015