Jersey Mike's Subs Inc. priced its initial public offering at $23 per share. This price represents the midpoint of the company's marketed range. The offering raised approximately $1 billion for the company and selling shareholders, including majority owner Blackstone.
The IPO establishes a market valuation of roughly $7.3 billion. Shares will begin trading July 30 on the New York Stock Exchange under the ticker symbol JMKE. Investor demand left the offering more than 10 times oversubscribed.
Blackstone previously acquired the sandwich chain in a deal valued at approximately $8 billion. The private equity firm will retain about two-thirds of the voting power. This listing marks a rapid turnaround for Blackstone’s investment.