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My favorite restaurant is going public!

NEW YORK (AP) -- Chipotle Mexican Grill Inc. filed with regulators Tuesday for an initial public offering of $100 million worth of stock in the restaurant chain owned by fast-food giant McDonald's Corp.

The Denver-based company did not say how many shares it planned to offer or give an estimated price range, but said it will apply to trade its shares on the New York Stock Exchange as "CMG."

Investment firms Morgan Stanley and SG Cowen & Co. are managing the IPO, according to documents submitted to the Securities and Exchange Commission.

Chipotle, a quick-service restaurant offering burritos and tacos, has grown to more than 450 locations nationwide since opening in 1993. The restaurant turned profitable in 2004 and saw its profit grow fivefold as sales swelled 33 percent for the first six months of this year.

McDonald's Ventures LLC and Chipotle are selling all the stock in the offering. McDonald's currently owns about 92 percent of the chain, but the size of its stake following the IPO was not disclosed.

Proceeds will be used to pay down a $30 million revolving credit with McDonald's, as well as for capital expenditures and general corporate purposes, Chipotle said.

Posted by edelfenbein at October 25, 2005 10:44 AM