Everyone wants a piece of this enchilada.
By mid-afternoon trading just hours after its public debut on the New York Stock Exchange, Chipotle Mexican Grill Inc. had doubled its offer price, from $22 to $44.90.
The Denver-based Mexican fast food chain, known for warm, pressed tortillas, a salsa bar and made-to-order burritos, offered 7.9 million shares in its debut, worth $173.8 million, according to a published report from Reuters.
Chipotle has seen tremendous growth over the last few years, opening more than half of its now 450 stores between 2002 and 2004 and posting significant revenue in 2004 and posting total revenue of $470.7 million for 2004, according to a filing with the U.S. Securities and Exchange Commission. — Carolyn Murphy
Go to the Reuters story
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