Burger chain Shake Shack plans to raise up to $80 million from IPO of 5 million shares

MarketsAssociated Press

Burger chain Shake Shack plans to raise up to $80 million from an initial public offering of its common stock.

The company said Tuesday that it anticipates its IPO of 5 million shares pricing between $14 and $16 per share.

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Last month Shake Shack Inc. disclosed in a regulatory filing that it was hoping to raise up to $100 million from its IPO, but it didn't say how many shares it planned to offer or at what price, so the figure was subject to change.

Shake Shack cooks its burgers to order and promotes its use of natural ingredients.

The company expects to list on the New York Stock Exchange under the "SHAK" ticker symbol.