Is Shake Shack Preparing for an IPO?
Is yet another fast-casual restaurant chain preparing to go public?
Reuters reports that Shake Shack is preparing for an IPO, according to sources familiar with the matter. The burger chain, which opened its first permanent kiosk in New York City 2004, today has restaurants across the U.S. and overseas in cities including London, Istanbul and Dubai.
Shake Shack is reportedly expected to post earnings of around $20 million next year.
If Shake Shack goes public, it will join a quickly growing list of casual chain restaurants to IPO in the last year. Mexican chain El Pollo Loco made its public debut in July, take-and-bake pizza chain Papa Murphy's filed for an IPO in May and Mediterranean chain Zoe's Kitchen went public in April.
Shake Shack has been foodies' favorite fast food burger and milkshake shop for the last decade. The burger chain, founded by New York City restaurateur Danny Meyer, is famous for drawing insane lines with high-quality but inexpensive products. The chain's original location in Madison Square Park in New York City even has a "Shack Cam" so hungry customers can sneak a peek and establish a plan of attack that won't force them to wait for hours to grab a ShackBurger.