An approximate total of 26.2 million shares are being offered in the filing. At Wednesday’s closing price of $48.48 the offering is valued up to $1.27 billion.
Looking at the trading range, these selling shareholders are looking to get out somewhere around 20% above the post IPO low. At the same time this is where the share were trading in the days immediately after the IPO.
Shake Shack is a fast-casual restaurant featuring premium hamburgers and other foods. Following the IPO, the company has two classes of stock: Class A stock that will trade on the New York Stock Exchange under the ticker symbol SHAK and Class B stock that will be held by a group called Continuing SSE Equity Owners, which holds 68.3% of the voting power in the company.
The company had 53 locations in the United States and internationally as of the end of September 2014, with 39-week revenues of $83.76 million and net income of $3.55 million. On the basis of 1.25 million shares outstanding, diluted earnings per share totaled $2.83.
Shares of Shake Shack were down 6.5% at $45.31 on Thursday afternoon. The stock has a consensus analyst price target of $45.60 and a 52-week trading range of $38.64 to $96.75.
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