Key facts
- Jersey Mike's shares debuted on the New York Stock Exchange.
- The stock opened trading 8.7% below its initial public offering price.
- The sandwich chain's valuation at debut was around $6.7 billion.
- The IPO was priced at $23 per share.
- The offering raised approximately $1 billion.
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 priced its Class A common stock at $23 per share, within its expected range of $21 to $25. The IPO raised about $1 billion after pricing at the midpoint of the company's marketed range, with the company selling roughly 43.5 million shares. This offering 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 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.