Danny Meyer’s high-end fast-food joint Shake Shack is practically everywhere. From the 60-some locations it has around the world to its co-branded partnerships with spots like Big Gay Ice Cream and Dominique Ansel’s bakery, even people unfamiliar with the burger culture of New York City are hipping themselves to the budding chain.
Now, the burger franchise is making its presence felt on Wall Street. Today, Meyer and co. dropped the company’s IPO on the New York Stock Exchange. Shake Shack initially priced its IPO at $21 per share on Thursday night; however, that evaluation quickly exploded this morning, as investors rallied its stock to approximately $47 per share once it went public. It’s been hovering around $48 per share at the time of this writing.
The popularity of the chain’s going public has netted the company $105 million, making Shake Shack worth $1.74 billion. Besides its growing fiscal cache, the Shack is also benefitting culturally. McDonald’s, the chief Shake Shack rival, has been slipping recently, as its CEO resigned yesterday amidst crashing sales and public interest. Meyer’s creation, while more expensive, appeals to the consumer who wants a personalized, seemingly healthier burger (chains like Chipotle and Panera have mined the same ethos too).
Shake Shack fans in New York City—which, we admit, is approximately the majority of the population—can head to Wall Street to profit off the IPO success: the company’s handing out free burgers and sandwiches until 2 p.m.
— SHAKE SHACK (@shakeshack) January 30, 2015
[via Mashable, CNN Money]