Manhattan-based burger chain Shake Shack made an outstanding public debut at the New York Stock Exchange (NYSE) after it closed at USD 45.90 on Friday, which is about 120 percent higher than the price of USD 21 that it offered in its Initial Public Offering (IPO) a day before.
The company’s shares, which trade under the symbol ‘SHAK’, more than doubled during its first full day of trading. The shares hit a high of USD 52.50 at the stock exchange.
Shake Shack founder Danny Meyer witnessed a rise to USD 342 million of his 21 percent stake in the company.
Thrilled over the exciting public debut, company’s chief executive Randy Garutti said, “Nothing has surprised us more than a hot dog cart we started 14 years ago that became Shake Shack.”
“We believe that this enables us to attract a higher caliber employee and this translates directly to better guest service,” the company said in a statement.
Shake Shack began from a hot dog stand in New York City in the year 2001 and at present, the burger chain is operating 63 restaurants with outposts in Moscow, London and Turkey. According to the insiders, the company is planning to build more food chains across the United States.
Celebrating the company’s success on Friday, Shake Shack dished out free burgers that were served out of trucks nearby Wall Street.
The company calls itself “fine casual” as it capitalizes on offering premium burgers as well as high-level hospitality. It also paid many of its employees more than their local minimum wage.