Fast food burger joint Shake Shack Inc. filed for a $100 million initial public offering Monday with the U.S. Security and Exchange Commission, which could value the company at $1 billion. The company applied to have its stock listed on the New York Stock Exchange under the symbol "SHAK."
Shake Shack is owned by the Union Square Hospitality Group. Restaurateur Danny Meyer opened the company's first location in New York’s Madison Square Park in 2004. It currently has 63 locations worldwide, including the U.K. and Middle East. As part of the IPO, Shake Shack will spin off into a separate company.
J.P. Morgan, Morgan Stanley, Goldman Sachs and Barclays are among the major underwriters for the IPO, according to Shake Shack's preliminary S1 documents. The number of shares to be offered and the price range for the proposed offering have yet to be determined.
Shake Shack plans to use a portion of the proceeds from the IPO to open new stores and renovate existing ones. The company opened 10 domestic stores in 2014 and plans to open at least 10 new domestic stores each year beginning in fiscal 2015, for the "foreseeable future." According to the SEC filing, the company plans to expand its footprint to at least 450 stores by opening eateries in new and existing markets.