Chipotle Chain IPO Is Sold at $22 a Share

The initial public offering of quick-growing restaurant chain Chipotle Mexican Grill Inc. priced at $22 a share Wednesday, above a recently raised forecast of $18 to $20, according to an underwriter.

The 7.9-million-share offer is worth $173.8 million.

Chipotle on Monday raised its price forecast from an earlier range of $15.50 to $17.50.

McDonald’s Corp. owns a majority stake in the 489-store Denver-based “fast-casual” restaurant chain and will remain a majority holder after the IPO.

Chipotle sold 6.1 million shares, with McDonald’s offering 1.8 million.

Chipotle plans to use its proceeds from the offering to pay down debt and fund store openings.

Morgan Stanley and S.G. Cowen & Co., a unit of Societe Generale, are the lead underwriters.

Chipotle stock will begin trading today on the New York Stock Exchange under the symbol CMG.