Shake Shack, a fast-casual burger chain with 36 US and 27 international locations, raised the proposed deal size for its upcoming IPO on Wednesday. The New York, NY-based company now plans to raise $90 million by offering 5 million shares at a price range of $17 to $19. The company had previously filed to offer 5 million shares at a range of $14 to $16. At the midpoint of the revised range, Shake Shack will raise 20% greater proceeds than previously anticipated.
Shake Shack, which was founded in 2004 and booked $107 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol SHAK. J.P. Morgan, Morgan Stanley, Barclays, Goldman Sachs and Jefferies & Co. are the joint bookrunners on the deal. It is expected to price during the week of January 26, 2015.
