Burger chain Shake Shack preparing for an IPO
After developing a cult following for its ‘Shackburgers’, ‘flat-top’ hot dogs and eponymous shakes, the company is now preparing to serve up its own shares to the public through an initial public offering (IPO), sources said on Friday.
Shake Shack’s majority owner, Union Square Hospitality Group LLC, has interviewed investment banks in recent weeks to appoint underwriters for the IPO, the people said. Shake Shack, which started out of a hot dog kiosk in New York’s Madison Square Park in 2004, is expected to post earnings of around $20 million next year, one of the people added.
The 1% May Be Richer Than You Think, Research Shows
The 1 percent is literally rich beyond measure, depriving nations of billions in tax revenue and obscuring shifts in global inequality.
Research conducted separately by European Central Bank economist Philip Vermeulen and London School of Economics’ Gabriel Zucman show the wealth of the super-affluent — hidden by tax shelters and nonresponse to questionnaires — is undercounted.
Correcting for similar lapses in income data almost erases progress made from 1988 to 2008 in narrowing the gap between the world’s rich and poor, World Bank research found.
"We always suspected there was some low-balling of the top 1 percent," said Joseph Stiglitz, a Nobel-prize winning economist and author of "The Price of Inequality. ‘‘There’s a growing sense that our system is rigged and unfair.”