NEW YORK — Wall Street went wild for burgers Friday.
Shares of Shake Shack, a burger chain that started as a New York City hot dog cart, more than doubled in their first day of trading.
The company raised $105 million in its initial public offering Thursday, selling 5 million shares at $21 per share. It initially had forecast that its shares would fetch $14 to $16 per share from investors, then raised that prediction to $17 to $19 per share on Wednesday as demand grew.
Shake Shack is known for its burgers, milkshakes and crinkle-cut fries. Its journey from a hot dog cart in Manhattan’s Madison Square Park to Wall Street started in 2001.
It now has 63 locations, mostly on the East Coast, with plans for more.
Shares of Shake Shack Inc. rose $24.90, or 119 percent, to close at $45.90 Friday, valuing the small chain at more than $1.6 billion.
The company wants to use money from the IPO to open more stores. The plan is to have about 450 locations eventually, according to a regulatory filling.
