Here comes Shake Shack...
On Thursday, the burger chain sold 5 million shares in its IPO for $21 each.
In other words, it's raised $105 million, giving the company af market value of about $746 million.
The price is significantly above the $17-$19 range expected, and investors are obviously hoping for an even higher pop today.
According to Bloomberg, it looks like the stock will open at around $34-$36 per share.
The stock will begin trading on Friday under the ticker SHAK.
The cult burger chain has experienced some incredible growth ever since it opened its first restaurant in New York City in 2001. From 2010 to today, the company has grown from seven shacks to 63 shacks worldwide. This is according to a recent regulatory filing.
"During the three fiscal years ended December 25, 2013, we grew from seven Shacks in two states to 40 Shacks across six states, Washington, D.C., and eight other countries, representing a 79% compound annual growth rate," the filing noted.
Total revenue has surged from just $19.5 million to $82.5 million, which represents a compound annual growth rate of 62%.
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