Jersey Mike's Raises $1 Billion in NYSE Debut

Jersey Mike's Subs, the fast-casual sandwich chain, completed a landmark initial public offering on July 30, 2026, raising approximately $1 billion and beginning its first day of trading on the New York Stock Exchange. The company priced 43.5 million shares at $23 each, the midpoint of its marketed range, giving it a market valuation of $7.3 billion. Trading under the ticker symbol "JMKE," the stock opened at $21 per share and was trading down roughly 2% by Thursday afternoon.

The IPO marks one of the largest ever for a restaurant company, testing investor appetite in a retail sector that has seen few major listings in recent years. The offering was reportedly more than 10 times oversubscribed. Proceeds from the company's portion of the sale, roughly 13.8 million shares, will be used to repay debt and for general corporate purposes. The remaining shares were sold by existing stockholders, including private equity firm Blackstone and the Abu Dhabi Investment Authority.

Blackstone acquired a majority stake in Jersey Mike's in January 2025 in a deal valued at about $8 billion, including debt. Following the IPO, Blackstone affiliates are set to control approximately two-thirds of...