Burger joint Shake Shack files for $100M IPO

Shake Shack files $100 million IPO
Shake Shack files $100 million IPO

Shake Shack, famous for its frozen custards and hamburgers, filed for an initial public offering with Securities and Exchange Commission regulators on Monday to raise $100 million.

JP Morgan Securities and Morgan Stanley are among the lead underwriters for the proposed offering, according to a company release. Other underwriters include Barclays Capital, Goldman Sachs and Jefferies.

The fast food burger joint has applied to have its common stock listed on the New York Stock Exchange under the symbol "SHAK." The number of shares to be offered and the price range for the proposed offering are yet to be determined.

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After the offering, Shake Shack will stand as a separate company from its majority owner Union Square Hospitality Group.

The chain has 63 posts within the U.S. and internationally. In the fiscal year ending Dec. 25, 2013, Shake Shack's revenue totaled $82.5 million, a $25 million revenue gain since the 2012 fiscal year, according to an SEC filing.

Restaurateur Danny Meyer first opened Shake Shack in 2001 out of a hot dog cart in a New York City park.

The final IPO amount may vary from the initial $100 million registered with the SEC. Previous reporting said the company may be aiming for a valuation as high as $1 billion.