Shares of Shake Shack Inc., a restaurant chain known for its burgers and crinkle-cut fries, jumped as much as 150% Friday in their market debut, indicating the appetite that investors have in so-called fast-casual restaurants. The stock opened at $47
Shake Shack's stock was trading at around $49 per share early in Friday's session, a roughly 133% gain above the $21 initial offering price that was set on Thursday evening. The company had initially anticipated a share price in the range of $14 to $16
The burger chain will raise $105 million, giving the company af market value of about $746 million. The price is significantly above the $17-$19 range expected. The stock will begin trading on Friday under the ticker SHAK.
That stand has morphed into Shake Shack, a burger-and-crinkle-fries empire with outposts in London, Dubai, Istanbul and Las Vegas. On Friday, it will begin trading on the New York Stock Exchange with a valuation of about $745 million, and will increase Mr.
Announced on Wednesday, popular burger joint Shake Shack will increase the terms of its initial public offering from 5 million shares to 5.75 million, with an expected price jump to $17-$19 per share, up from the originalÂ