Shake Shack is cooking up a hot IPO.
The popular burger chain on Wednesday raised the price for its upcoming initial public offering to a range between $17 and $19 a share, up from $14 to $16.
It shows that demand for Shake Shack stock has been strong as the company meets with potential investors during its pre-offering roadshow.
Shake Shack announced plans to sell shares to the public in December. The company will offer 5 million shares that will trade under the ticker symbol SHAK on the New York Stock Exchange. A date for the IPO hasn’t been set yet.
What started as a hot dog truck in New York City in 2001 has grown to become a chain with 63 locations around the world — from Istanbul to Dubai. At its original New York City location, the line can wrap around the park with people waiting to order anything from a burger, fries, shakes and frozen custard to beer and wine.
Shake Shack was the brainchild of New York restaurant legend Danny Meyer. The company is owned by Union Square Hospitality Group and earned $5.4 million last year.
Shake Shack isn’t the only burger chain wanting to sell shares on Wall Street.
West Coast-based burger chain Habit Restaurants went public in November. It’s stock surged nearly 120% on the first day.
Other burger IPOs may be in the pipeline. Smashburger has been rumored to be considering a public offering for some time. There are reports that drive-in chain Checkers is also mulling one.
These companies, like Habit, all have backing from prominent private equity firms. That increases the chances that they may one day go public.
