Tuesday, April 23, 2024

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Cold Outside But Hot IPO Inside

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UPDATE It was bitter cold outside Westport’s Shake Shack, 1849 Post Road East, today but the company founded 14 years ago by restaurateur Danny Meyer was basking in the heat of Wall Street as its initial public offering (IPO) began trading on the New York Stock Exchange. The stock, which went public at $21, closed at $45.90, up almost 119 percent, after trading as high as $52.50. The New York-born cult modern day “roadside” burger stand opened in Westport in July 2011. Meyer was on hand for the debut of the chain’s first actual drive-in eatery and first suburban location. (See WestportNow July 20, 2011) (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

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