Shake Shack is giving away FREE breakfast sandwiches Friday from 9-11am and free ShackBurgers from 11am-2pm at a special limited-edition food truck outside the NY Stock Exchange. Even though you couldn't care less why, as long as you stay neck-deep in burgers, Shake Shack would also like you to know that it's going public.
Shake Shack shares are set to begin trading on the New York Stock Exchange under symbol SHAK (sorry, SHAQ), a month and a day after the company filed plans to go public late last year. Shares of NYC's beloved better-burger chain will be priced at $21 (or 4.04 single burgers) per share, CNBC reported. Earlier this week, shares were expected to be listed in the $17 to $19 range, according to a regulatory filing on Wednesday, or a few bucks more than the company initially estimated.
In addition to detailing Shake Shack's success, the company's IPO filings also reveal some insider facts that people who know how numbers work might care about:
- On top of benefiting from free product placement on TV and in movies, Shake Shack has charged fees to shoot scenes for movies and shows at its locations, like HBO’s The Newsroom.
- However unlikely, the New York City Commissioner of Parks has the ability to terminate Shake Shack’s license agreement to operate in Madison Square Park for any reason with 25 days' written notice.
- Shacks in Manhattan averaged $7.4 million in sales, versus $3.8 million in average sales at non-Manhattan locations in 2013.
- Shake Shack starts its Manhattan employees at $10 an hour, or $2 above the state's minimum wage.