Shake Shack, the fast casual restaurant franchise that was started in New York City, has filed for an initial public offering (IPO).
The company decided to file with the Securities and Exchange Commission following months of deliberation over growth and trading options. Shake Shack's fiscal year revenue ended Dec. 25, 2013 was appraised at $82.5 million, Business Insider reports.
Its same-store sales grew 5.9 percent in FY2013 and were up 3 percent in the first three financial quarters of 2014 in comparison with the previous year, the website also reports. Many analysts have regarded the IPO as valuable and hold positive views of the company's financial growth.
Shake Shack has been criticized, however, for taking a long time in implementing its economic strategies. For example, it took the company five years to open a second location and earned $79 million in the first nine months of 2014 while rival McDonald's has been able to earn that figure within a day, Fortune magazine opines in a review of the IPO.
Still, high expectations have been set for the growing fast casual food chain, with hundreds of "Shacks" expected to open around the country next year.
Some future hurdles may include international licensing in other countries, decreased access to ample supply of beef and a lack of popularity in cities with rival Five Guys, McDonald's and Burger Kings.
Shake Shack was founded in 2004 on the steps of Madison Square Park.
