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Chipotle's chef has his payday
January 29, 2006
Business Week: In 1993, Steve Ells opened Chipotle Mexican Grill, a "fast casual" eatery that served up made-to-order burritos and tacos to students at the nearby University of Denver campus. On Jan. 26, Chipotle started trading as a public stock and promptly served up millions of dollars to Ells. In the hottest IPO on the New York Stock Exchange since Martha Stewart Living Omnimedia went public in 1999, Chipotle shares doubled in their first day, closing at $44. Just last week, the Denver-based company had set an initial target price of $15.50 to $17.50. With 1 million shares, plus stock options, Ells saw his worth jump to more than $44 million in one trading session.
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