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Share price increases for Chipotle
January 22, 2006
NEW YORK —Chipotle Mexican Grill Inc. increased the estimated price range of its upcoming initial public offering to $18 to $20 a share, from $15.50 to $17.50 a share. Chipotle will raise about $150 million, up from $130 million.
Denver-based Chipotle plans to use proceeds from the offering to pay down a $30 million line of credit to McDonald's and to "provide additional long-term capital."
Average store sales grew from $1.06 million for 2002 to $1.27 million for 2003; $1.36 million for 2004 and $1.4 million for the trailing 12-month period ended Sept. 30, "reflecting the growing consumer awareness of our brand," the company said in its IPO prospectus.
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