A cheeseburger and drink is served up at a Shake Shack restaurant. Photo / Getty Images
Wall St went wild for burgers at the end of last week.
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 US$105 million ($144 million) in its initial public offering,
selling five million shares at US$21 a share. It initially forecast that its shares would fetch US$14 to US$16 each from investors, and raised that prediction to US$17 to US$19 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 St started in 2001. Three years later, Union Square Hospitality Group, a company owned by restaurateur Danny Meyer, opened a kiosk in the same park. Restaurants throughout New York City followed, and in 2010, it ventured out of its hometown for the first time with a Miami restaurant.
It now has 63 locations, mostly on the East Coast, with plans for more.
