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NEW YORK (TheStreet) -- The Shake Shack (SHAK) IPO is being closely followed by many investors. Shares will price on Thursday night and begin trading on Friday morning. 

On Wednesday's CNBC "Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, pointed out that the company raised its price range to $17 to 19, from $14 to $16, amid strong demand for the stock. 

The company plans to sell 5.75 million shares, meaning it will be hard for many investors to get in, Cramer said. That could force the stock to open higher on Friday, as those who did not get an initial stake push shares to higher prices once they're traded. 

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But there is the possibility that the stock will open too high. If shares trade up to $30, "don't chase it," he advised. 

Founder Danny Meyer has done a "remarkable job" and each store is "incredibly lucrative," Cramer acknowledged. "There's many, many years of growth here," but there comes a point when shares of Shake Shack could become too expensive, he said. 

-- Written by Bret Kenwell

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.