The Shake Shack IPO is white hot.
After pricing at $21 late Thursday, SHAK opened on the New York Stock Exchange at $47, an eye-popping 123% gain for the burger chain's newest investors.
Earlier this week, it was looking like the offering would price in the $17-$19 range.
On Thursday, the burger chain sold 5 million shares in its IPO for $21 each. In other words, it's raised $105 million to help finance its growth prospects.
The cult burger chain has experienced some incredible growth ever since it opened its first restaurant in New York City in 2001. From 2010 to today, the company has grown from seven shacks to 63 shacks worldwide. This is according to a recent regulatory filing.
"During the three fiscal years ended December 25, 2013, we grew from seven Shacks in two states to 40 Shacks across six states, Washington, D.C., and eight other countries, representing a 79% compound annual growth rate," the filing noted.
Total revenue has surged from just $19.5 million to $82.5 million, which represents a compound annual growth rate of 62%.
