Jersey Mike's IPO Opens Below $23 Price on NYSE
Jersey Mike's Subs (JMKE) priced its initial public offering at $23 per share, but the stock opened below that price at $21 and was down about 2% by Thursday afternoon. The company raised approximately $1 billion in the IPO, valuing it at around $7.3 billion. Jersey Mike's reported total revenue of $724 million and net income of $55 million for 2025, with a 3% increase in comparable-store sales. The chain operates over 3,300 locations across the U.S. and Canada and is now the largest publicly traded hoagie brand after Subway. Proceeds from the IPO will be used to repay debt and support general corporate purposes, while existing shareholders like Blackstone sold a portion of their shares in the offering. Blackstone acquired a majority stake for about $8 billion including debt and expects to control two-thirds of voting power post-IPO. CEO Charlie Morrison highlighted strong customer demand from higher-income consumers as a buffer against broader economic challenges.
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Topics: IPO Jersey Mike's stock market