Shake Shack share price goes supersize on stock exchange debut

 
Joe Hall
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Shake Shack made more than £50m in sales last year. (Source: Getty)

Shake Shack's share price has gone supersize on its stock market debut, rising almost 150 per cent from its initial public offering price of $21 per share.

Shares in the fast food chain are trading at around $48.5 per share on the New York Stock Exchange under the ticker symbol "SHAK", valuing the company at more than $1bn (£665m).

And to think the originally planned range was between $17 - $19.

The burger chain sold 5m shares, raising $105m and giving it an initial valuation of $745.5m.

Restaurateur Danny Meyer, who grew Shake Shack from humble beginnings in a hot dog cart in Madison Square Garden, said the blockbuster valuation didn't put any pressure on the company.

Myer told CNBC: "We cook one burger at a time with one smile at a time, and I don't know how you value that."

Shake Shack now has 63 stores worldwide, including a prime spot in Covent Garden in London. Its burgers and milkshakes helped the company generate more than $80m (£52m) in sales in the first nine months of 2014.

To celebrate today's milestone, a Shake Shack truck pulled up outside the New York Stock Exchange and gave away free burgers for two hours.

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