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Shake Shack IPO: ‘SHAK’ shares more than double on market debut

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NEW YORK (PIX11/AP) — Investors are craving burgers and crinkle-cut fries.

Shares of Shake Shack Inc. have more than doubled minutes after they debuted on the stock market debut Friday.

The New York-based burger chain raised $105 million, selling 5 million shares at $21 per share, more than had been expected.

Its shares, trading under the ticker symbol “SHAK” on the New York Stock Exchange, rose $29.20 to $50.20 in morning trading.  In honor of the IPO, Shake Shack announced on Twitter that will be giving away free meals until 2 p.m. in front of the New York Stock Exchange at 11 Wall Street.

Shake Shack cooks its burgers to order and promotes its use of natural ingredients. The chain has 63 restaurants in nine countries. It plans to use some of the money raised to open new locations, including one in Austin, Texas.

The company started in 2001 in the form of a hot dog cart parked in Madison Square Park.  The cart belonged to the Union Square Hospitality Group, a company owned by restaurateur Danny Meyer.

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