Shake Shack Raises Projected Price Range for Its IPO

Burger chain Shake Shack is raising the projected price range for an initial public offering of its common stock. The company, which got its start as a hot dog cart in New York City, now anticipates its IPO of 5 million shares pricing between $17 and $19 per share. Its prior range was $14 to $16 per share. Based on the new estimated price range, Shake Shack may raise up to $95 million from the IPO. In 2013, Shake Shack had revenue of $84.5 million, up 45 percent from the year before. It posted a profit of $5.4 million in 2013, up 31 percent from 2012. The stock is expected to list on the New York Stock Exchange under the 'SHAK' ticker symbol.