Chipotle in $100M IPO

DENVER-McDonald’s-owned fast-casual chain Chipotle has filed for a $100-million IPO. The 460-store Mexican chain, which is based in Denver, will use the proceeds, according to an SEC filing, to open an undisclosed amount of new stores and pay McDonald’s the $4.6-million balance outstanding under a $30 million revolving line of credit.

Chipotle’s revenue last year was $470.7 million, up 130% from 2002. Average store sales over that period increased from about $1.1 million to about $1.4 million. Income, at $6.1 million last year, hit $13.4 million over the first six months of this year.

Oak Brook, IL-based McDonald’s owns 92% of Chipotle. The fast-food giant acquired the chain in 2002. The first Chipotle opened in 1993.