Shake Shack Prices IPO Well Above Range
Shake Shack Inc. said late Thursday it has priced its initial public offering at $21 a share, better than its upwardly revised indicative range of $17 to $19. As a result, the 5 million-share offering raised $105 million, with a greenshoe option allowing underwriters to buy another 750,000 shares worth $15.75 million at the IPO price. The burger chain's shares were set to debut on the New York Stock Exchange on Friday, under the ticker "SHAK." J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC served as the joint lead book-running managers in the deal.
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