Chipotle in $199 Million IPO

January 31, 2006

Cleary Gottlieb represented Chipotle Mexican Grill, Inc. in its $199 million initial public offering on the NYSE. Morgan Stanley and SG Cowen & Co. were the lead underwriters for the transaction, which consisted of a $133 million offering by Chipotle of its class A common stock and a $66 million offering of Chipotle’s class A common stock by McDonald’s Ventures, LLC, its majority shareholder and a wholly-owned subsidiary of McDonald’s. Cleary Gottlieb also represented both McDonald’s and McDonald’s Ventures in the IPO.