Denver-based Chipotle has filed for an initial public offering worth $100 million. The burrito chain, which is majority owned by McDonald’s, has not set a date for the offering.
The 450-unit burrito chain plans to use proceeds from the offering to repay the balance on a $30 million revolving line of credit with McDonald’s and to open new stores and maintain existing ones, according to a filing made today with the U.S. Securities and Exchange Commission.
Investment banks Morgan Stanley and SG Cowen & Co. are managing the IPO, according to the filing.
Chipotle did not disclose how many shares it will offer or provide a price range for the shares, which will be traded on the New York Stock Exchange under the ticker “CMG.”
In its filing, Chipotle disclosed that McDonald’s owns 92 percent of the company. Chipotle management and a small group of investors own the rest of the company. The company did not say what McDonald’s interest in the company would be after the IPO.
Chipotle has grown steadily since founder Steve Ells opened his first restaurant on East Evans Avenue and South Gilpin Street near the University of Denver in 1993. Today, the company operates more than 450 restaurants and opens 100 new locations each year.
Chipotle reported a profit of $6.1 million on revenues of $470.7 million in 2004.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
