Key facts
- Jersey Mike's shares debuted on the New York Stock Exchange.
- The stock opened trading at a price below its initial public offering.
- The sandwich chain's valuation at debut was around $6.7 billion.
- The IPO was priced at $23 per share.
Jersey Mike's shares opened 8.7% below their initial public offering price on Thursday, marking a valuation of approximately $6.7 billion for the sandwich chain in its New York Stock Exchange debut. The company had priced its Class A common stock at $23 per share, within its expected range of $21 to $25. This IPO marks the largest restaurant sector offering since Krispy Kreme went public in 2021. Jersey Mike's, which has over 3,300 locations in the U.S. and Canada, plans to use the proceeds from the issuance of over 13 million shares to pay off certain indebtedness and for general corporate purposes. The company has expressed ambitions to expand to 7,500 locations in the U.S. and 15,000 globally, citing 20 years of positive same-store sales growth.