This article has been updated from 10:35 am EST.
NEW YORK (TheStreet) - Investors were eating up shares of Shake Shack (SHAK - Get Report) as the stock more than doubled after the fast-casual burger chain's stock debuted on the New York Stock Exchange on Friday.
Shake Shack is one of five companies to start trading Friday -- three of which priced above their expected ranges. Shake Shack raised $105 million, after selling shares at $21 apiece, which was well above their expected range.
Biotech and medical-technology companies also dominate the list of companies going public on Friday. The hottest is Spark Therapeutics (ONCE - Get Report) , a company that is developing a treatment for rare blindness, says Kathleen Smith, manager of IPO-focused exchange-traded funds at Renaissance Capital.
Here's the list of the companies that will make their market debuts on Friday.
Shake Shack shares were up more than 132% to $48.78, with m ore than 12 million shares changing hands at last check. The chain priced its shares above the expected range of $17-$19 a share, which had been raised from the initial price range of $14 to $16. The IPO valued Shake Shack at $745.5 million.
The trendy restaurant chain sells premium burgers, hot dogs and frozen custards, and was founded by Danny Meyer's Union Square Hospitality Group. It has 63 locations, according to its regulatory filing. Shake Shack believes it has the potential to expand to up to 450 locations in the U.S.
Spark Therapeutics (ONCE - Get Report) shares surged more than 80% after pricing at $23 a share, above the expected range of $19-$21 a share, which had been raised from $15 to $17 initially. The company raised $161 million after selling 7 million shares, up from 6.5 million initially.
Spark Therapeutics' drug therapies target rare blinding diseases, hematologic disorders and neurodegenerative diseases, the company's filing said. Spark plans to use most of its proceeds to fund research and development.
InfraREIT plans to use its proceeds to fund the cash portion of its reorganization and to contribute to its operating partnership that will in turn repay debt and pay other expenses. The REIT plans to distribute most of its cash available through quarterly cash dividends, setting its initial dividend at 22.5 cents per share.
Avinger (AVGR - Get Report) , a medical-device company that makes image-guided catheter systems, shares were up 1.1% from its offering price of $13 a share, the midpoint of its expected range of $12 to $14 a share. The company raised $65 million by selling 5 million shares, up from 4.6 million expected.
The devices are used by doctors to treat patients with peripheral arterial disease (PAD). Patients with PAD have a build-up of plaque in the arteries that supply blood to the arms and legs.
The company is developing an image-guided atherectomy device it calls Pantheris, which is undergoing clinical trials. "We believe that Pantheris, if cleared by FDA, will significantly enhance our market opportunity within PAD and can expand the overall addressable market for PAD endovascular procedures," Avinger said in its filing.
Avinger plans to use proceeds from its IPO for working capital and interest payments on its credit facility with PDL Biopharma.
Tracon Pharmaceuticals (TCON) shares were down 2.4% after pricing shares at $10 a share, below its target of $12 to $14 a share. The company raised $36 million after selling 3.6 million shares. Tracon Pharmaceuticals is a clinical-stage biopharmaceutical company that develops therapies for cancer, age-related macular degeneration and fibrotic diseases, the filing said.
The San Diego-based company plans to use proceeds from both the IPO and a concurrent private placement to initiate drug manufacturing and support additional clinical trials.
Infraredx, a cardiovascular-imaging company advancing the diagnosis and treatment of coronary artery disease, was expected to price 4 million shares between $13 and $15 a share, but the IPO has been pushed back to next week. The Burlington, Mass.-based company plans to use its IPO proceeds for research and development, to expand sales and marketing efforts and for working capital and other general purposes, its filing said. Shares will trade under the ticker "REDX."