Burger chain Shake Shack increases projected price range for IPO of 5 million shares

MarketsAssociated Press

Burger chain Shake Shack is raising the projected price range for an initial public offering of its common stock.

The company, which got its start as a hot dog cart in New York City, now anticipates its IPO of 5 million shares pricing between $17 and $19 per share. Its prior range was $14 to $16 per share.

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Based on the new estimated price range, Shake Shack may raise up to $95 million from the IPO.

In 2013, Shake Shack had revenue of $84.5 million, up 45 percent from the year before. It posted a profit of $5.4 million in 2013, up 31 percent from 2012.

The stock is expected to list on the New York Stock Exchange under the "SHAK" ticker symbol.