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Shake Shack IPO

11 October 2015 |

In January 2015, Shake Shack sold its shares on the New York Stock Exchange. The company raised $105 million by selling 5,000,000 shares at $21 each, valuing the company at $700 million. On the first day of trading, the shares of Shake Shack more than doubled to close at $45.90, giving the company a market capitalization of $1.6 billion.

The proceeds from the IPO will be used to fund expansion, with the company planning to open 400 new outlets over the next ten years. The company currently has 73 stores globally. Part of the proceeds will also be used to fund renovation of existing outlets. In addition to this, the company plans to use the money to make a payment to Meyer and early backers such as Leonard Green & Partners LP (who own equity shares of the company), as well as to repay debt.

Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, Jeffries, William Blair and Stifel, Nicolaus & Co provided financial advice in relation to the IPO.

Latham & Watkins LLP provided legal advice in relation to the IPO.