(Bloomberg) — Shake Shack Inc. is going public and may be worth as much as $1 billion — not bad considering New York restaurateur Danny Meyer started the joint as a public service.

Founded more than a decade ago to help support the restoration of Manhattan's Madison Square Park, Shake Shack was an instant success, drawing long lines of urbanites attracted by Meyer's modern spin on a roadside burger stand. Today, Shake Shack has more than 63 outlets in 30-plus cities from London to Dubai. It's also profitable, with sales of nearly $84 million in the 39 weeks through Sept. 24, the filing shows.

The company, which will list early next year on the New York Stock Exchange, is aiming for a $1 billion valuation in the initial public offering, people familiar with the matter said in September.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Employer-Paid
C-Suite