Shake Shack is betting its empire of burgers, frozen custards and crinkle cut fries will have investors salivating.
Danny Meyer’s popular chain filed Monday with the Securities and Exchange Commission for an initial public offering of stock to raise $100 million on the New York Stock Exchange. The company proposes using the ticker symbol SHAK.
Globally, there are now 63 total Shacks. In its filings with the SEC, the company says that 31 domestic company-operated Shacks earn an average $5 million a year, with the Manhattan locations raking in about $7.4 million a year. The company also has 27 international stores. They have opened Shacks in some of the most trafficked spots in the world: New York City’s Theater District, London’s Covent Garden and Dubai’s Mall of the Emirates.
The burger chain said revenue grew over three years ending in Dec. 25, 2013 from $19.5 million to $82.5 million.
Planning for the future, the 10-year-old company foresees opening “at least 10” new domestic Shacks each year beginning in 2015. “We believe that over the long-term we have the potential to grow our current domestic company-operated Shack footprint to at least 450 Shacks by opening domestic company-operated Shacks in new and existing markets,” the company says.
Also on Monday, the company opened its first West Coast Shack in Las Vegas.