Jersey Mike’s Subs priced its initial public offering at $23 per share and began trading on the New York Stock Exchange on Thursday under the ticker symbol “JMKE,” raising approximately $1 billion and valuing the company at $7.3 billion.
Jersey Mike’s stock opened at $21 per share, beneath its $23 IPO price, and was trading down roughly 2% by Thursday afternoon
The $23 price came in at the midpoint of the company’s marketed range of $21 to $25 per share. The offering comprised 43,478,261 shares of Class A common stock, with existing stockholders granted underwriters a 30-day option to purchase up to an additional 6,521,739 shares to cover over-allotments, the company said. For 2025, Jersey Mike’s posted total revenue of $724 million and net income of $55 million.
Comparable-store sales rose 3% during that time. With more than 3,300 locations in the United States and Canada, Jersey Mike’s is the second-largest hoagie chain by sales behind Subway and is now the largest publicly traded chain in that category, according to CNBC. Jersey Mike’s plans to use proceeds from its portion of the offering — roughly 13.8 million of the shares sold — to repay debt and for general corporate purposes, the company said.