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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.

According to the SEC filing Chipotle and other fast-casual chains compete with fast food, as well as casual dining chains. “Many of our competitors have greater financial and other resources, have been in business longer, have greater name recognition and are better established in the markets where our stores are located or are planned to be located.”

A few of the other fast-casual Mexican chains that Chipotle directly competes with include Baja Fresh Mexican Grill, La Salsa and Qdoba Mexican Grill.

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