Restaurateur Danny Meyer's popular burger chain Shake Shack appears to be preparing for an incredibly high initial public offering. Sources tell Bloomberg that the company could be valued as high as $1 billion.
The IPO — which was first reported last month — could take place by the end of the year. The $1 billion valuation means Shake Shack would debut at "50 times [the company's] projected earnings of about $20 million this year." The chain — which started out as a stand in New York City's Madison Square Park — now has locations in multiple states across the U.S., plus outlets in countries like Turkey and the England.