|
The offering of 5 million Class A shares is
expected to raise about $95 million, Shake Shack said in a
regulatory filing on Wednesday. (http://1.usa.gov/1uAgThX)
The company, which grew out of a hot dog stand in New York's
Madison Square Park, is known for its Shackburgers, flat-top hot
dogs and eponymous milkshakes and has developed a cult following
since it was founded by restaurateur Daniel Meyer in 2001.
Private equity firm Leonard Green & Partners LP is Shake Shack's
largest shareholder with 26 percent of its common stock.
Meyer's Union Square Hospitality Group LLC owns 21 percent of
Shake Shack, while employee-owned hedge fund sponsor Select
Equity Group LP holds 12.3 percent.
The New York-based burger chain has 63 outlets, including 36 in
the United States. The company's international outlets include
those in Dubai, Istanbul, London and Kuwait.
Shake Shack's offering follows a string of successful IPOs by
casual dining chains last year, including Habit Restaurants Inc,
El Pollo Loco Holdings Inc and Zoe's Kitchen Inc.
U.S. IPOs, which have been on a tear since 2013, raised more
than $93 billion last year, the most since 2000.
Shake Shack's shares, which are scheduled to be priced on
Thursday after the market closes, are expected to start trading
on Friday on the New York Stock Exchange under the symbol "SHAK".
J.P. Morgan and Morgan Stanley are among the lead underwriters
for the offering.
(Reporting by Avik Das in Bengaluru; Editing by Joyjeet Das and
Kirti Pandey)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
