With Shake Shack's IPO imminent, Crain's New York took a look at the latest SEC filing. Per the new documents, restaurateur and Shake Shack CEO Danny Meyer is now worth about $140 million more than he was last week. Tomorrow night, Shake Shack's IPO goes live on the New York Stock Exchange, and shares begin trading on Friday.
Meyer owns about 21 percent of the company, which comes out to about 7.4 million shares. Shares are expected to begin trading at $19 each. The company hopes to raise some $110 million tomorrow by selling 5.8 million shares of SHAK. Shake Shack is estimated to be worth about $1 billion.
One of the hottest stocks to hit the market this year, Meyer has hit a virtual gold mine with his fast-casual, higher end burger concept. As previously noted, and as Crain's reiterates, burgers are untouchable.