Shake Shack Is Going Public
A New York-based burger and shake place that has two (and soon, three) locations in the Boston area is planning to offer shares of stock along with its food and drink.
The Baltimore Sun is reporting that Shake Shack is looking to go public, with an IPO in the works, though the majority owner of Shake Shack (Union Square Hospitality Group LLC) has not yet commented on this, nor has a Shake Shack spokesperson (and the sources have requested that they not be identified because the deliberations that are taking place are private). The article says that the sources say Union Square Hospitality Group has been talking with investment banks of late to appoint underwriters for the stock offering.
[August 22 update: The Orlando Sentinel mentions (via sources who are familiar with the proposal) that JPMorgan and Morgan Stanley have been picked to lead the planned IPO for Shake Shack, which could happen as early as this year. (Thanks to @FoodserviceEast for bringing this to our attention.)]
[January 30, 2015 update: Eater Boston states that Shake Shack went public today, with its stock going from an IPO of $21 to as high as $50 per share as of this morning. (EB also says that the IPO is worth $1 billion.)]
Shake Shack, which is expected to earn approximately $20 million next year, has location in Cambridge's Harvard Square and in Chestnut Hill, with a Back Bay shop being in the works as well. Other locations can be found in the New York City area along with Connecticut, Florida, New Jersey, Pennsylvania, and overseas. (Its website is at http://www.shakeshack.com/)