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Jersey Mike’s Subs IPO prices at $23, shares fall after debut
The deal raised about $913 million and valued the company near $7.3 billion, but shares opened at $21 and ended the first session down 5.7%.
Jersey Mike’s Subs (JMKE) began trading on the New York Stock Exchange after pricing its IPO at $23 per share, backed by Blackstone and the Abu Dhabi Investment Authority, according to Yahoo Finance.
The offering raised roughly $913 million and put the sandwich chain’s valuation at about $7.3 billion, with proceeds earmarked mainly to reduce debt and support general corporate needs. On its first day, shares opened at $21 and fell about 5.7%, ending the session lower.
The company, founded in 1956 as a single shop in New Jersey, has grown into the second-largest U.S. sub sandwich chain with more than 3,300 locations in the United States and plans for further international expansion.
Jersey Mike’s also says it is preparing for additional growth, including opening 400 stores across the U.K. and Ireland, its first major European push, with CEO Charlie Morrison leading the effort.