The sandwich chain targets a $7.94 billion market cap at the $25 share price ceiling, with proceeds funding expansion.
Jersey Mike’s Subs launched its IPO roadshow, offering 43.5 million Class A shares priced between $21 and $25 each. At the top end, the offering could raise $1.09 billion, with existing shareholders selling 29.7 million shares.
The company expects net proceeds of $301 million at the $23 midpoint, while the post-IPO share count will exceed 317.6 million. A $25 share price would value the company at approximately $7.94 billion. Blackstone and Abu Dhabi Investment Authority are among selling shareholders.
Jersey Mike’s operates over 3,300 locations and ranks as the second-largest U.S. submarine sandwich chain. Underwriters include Morgan Stanley, Jefferies, and J.P. Morgan, with a 30-day over-allotment option for up to 6.5 million additional shares.