Shake Shack Inc. filed for an initial public offering on Monday, the first step towards its much-anticipated debut on the public markets, and a pathway to bring their better burger recipe to a larger audience.
The company, launched by restaurateur Danny Meyer in 2004, filed to raise $100 million, though that is likely a place holder for purposes of the initial filing with the Securities and Exchange Commission.
The Deal reported in March that investors would line up for a Shake Shack IPO and that the timing was right for it, although, the New York-based chain denied at the time it had any plans to go public.
The company intends to list on the New York Stock Exchange under the ticker symbol SHAK.
Industry sources previously told The Deal that an IPO would be ideal while the chain's growth is strong, especially with current market conditions, where the demand for hot growth concepts is high.
Proceeds from the offering are going toward repaying borrowings, including about $21.9 million taken out to pay a distribution to certain original equity owners, as well as toward the opening new locations and renovating current ones.
Shareholders owning stakes greater than 5% in the company include Meyer, and Jeff Flug, president of Meyer's Union Square Hospitality Group LLC, Leonard Green & Partners LP, Select Equity Group LP and Alliance Consumer Growth LLC.
Shake Shack said it has a total of 63 locations in nine countries, with 36 of those restaurants located in the U.S. and 27 of them based overseas. All the overseas locations are licensed, in addition to five of its U.S. stores. The chain owns and operates 31 of its U.S. locations.