Shake Shack Jumps in Debut After Raising $105 Million in IPO

Shake Shack Inc. soared in its debut on the New York Stock Exchange after raising $105 million in an initial public offering, bolstered by investor demand for more upscale fast food.

Shares of the burger chain more than doubled to $45.90 at the close in New York, giving it a market value of $1.6 billion. Shake Shack sold 5 million shares for $21 apiece in the IPO, according to a statement Thursday, after offering them for $17 to $19 each.