Jersey Mike’s Subs Inc. has officially announced the pricing of its initial public offering (IPO) at $23.00 per share, marking a major milestone for the iconic New Jersey-born sandwich chain.
The fast-casual giant is offering 43,478,261 shares of its Class A common stock, aiming to raise approximately $1 billion in what stands as one of the most prominent restaurant sector public offerings in recent years. Trading is expected to begin on the New York Stock Exchange (NYSE) under the ticker symbol “JMKE”.
Key offering details
- Share Price: $23.00 per share (the midpoint of its expected range)
- Total Shares Offered: 43,478,261 shares of Class A common stock
- Underwriter Option: Existing selling stockholders have granted underwriters a 30-day option to purchase up to an additional 6,521,739 shares to cover over-allotments.
- Expected Closing Date: July 31, subject to customary closing conditions.
Jersey Mike’s intends to allocate the net proceeds generated from its issuance of 13,782,609 new shares toward repaying certain corporate indebtedness and funding general corporate requirements. The company will not receive any proceeds from shares sold by existing selling stockholders.
A powerhouse syndicate of major financial institutions is managing the offering, with Morgan Stanley, Jefferies, and J.P. Morgan serving as global coordinators and joint book-running managers, alongside co-global coordinators Barclays and Guggenheim Securities, and a robust roster of co-managers.
Founded originally in 1956 as “Mike’s Subs” in Point Pleasant, New Jersey, the company has evolved from a single neighborhood sub shop into a national powerhouse with over 3,300 locations across the United States and Canada. Headquartered locally in Tinton Falls, the brand continues to anchor its identity in its “A Sub Above” philosophy, fresh-sliced quality, and deep community roots as it takes its historic leap onto the public market
