Finance History|11 Wall Street — Twenty-Two Dollars That Closed at Forty-Four

People treat Chipotle as a Newport Beach burrito house that always printed CMG on its own.

The 2006 issuer was still majority-owned by McDonald's.

The S-1 filed 12 January 2006 offered 7,878,788 Class A shares, 6,060,606 from the company and 1,818,182 from McDonald's Ventures, LLC, and applied to list on the New York Stock Exchange under CMG.

Renaissance Capital recorded the deal priced on 25 January 2006 at 22 dollars a share, a third above the first 15.50-to-17.50-dollar range.

Gross proceeds on 7.9 million shares at that price were about 173 million dollars in 2006 currency.

The New York Times, writing on 27 January 2006 about the prior session, recorded that CMG closed at 44 dollars on the New York Stock Exchange, double the offer.

The Denver Post said the chain then had 489 stores.

McDonald's kept the majority after selling only the secondary slice of the book.

The mechanism is a parent-controlled restaurant subsidiary selling a primary-and-secondary Class A float while the parent stayed in control.

Holders who wanted the burger parent still owned MCD. Holders who wanted the burrito chain now owned a separate New York line.

The pin is the Broad Street facade of the Exchange, where CMG first printed. Interior trading is not visitable from the sidewalk.

Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.