Overview
- Jersey Mike’s priced 43.5 million shares at $23 per share and raised about $1 billion in an offering that was heavily oversubscribed after being marketed at $21 to $25.
- The stock opened below the IPO price on the New York Stock Exchange and dropped on its first day of trading, with coverage reporting intraday declines as large as about 10% and a close roughly 6% below the offer in some accounts.
- Blackstone sold the bulk of the shares in the offering but will retain substantial voting control of the company and used prior refinancing moves, including a roughly $760 million securitization, to reshape the balance sheet before the IPO.
- The company reported roughly 3,300 locations, $724 million in 2025 revenue and $55 million in net income, and is rolling out employee equity and bonus programs for corporate staff as part of the public transition.
- The listing tests investor appetite for more restaurant IPOs and leaves key near-term questions about whether proceeds will materially cut debt and support Jersey Mike’s plan to scale to about 15,000 restaurants, including expansion into the U.K. and Ireland.