(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.
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