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Tap here. Blackstone picked quite a week to sell Italian subs to the market, but maybe that’s exactly the moment to take a breath, look around, and put some faith (and some capital) in the enduring magic of provolone and Danny DeVito. WHAT HAPPENED Jersey Mike’s priced its IPO at $23 a share Tuesday night, the same 24 hours the Nasdaq officially slid into correction and 3 Fed officials staged a mutiny against their own chair.
Demand did not care. The deal went ten times oversubscribed, raised roughly $1 billion, and became the largest US consumer listing of the year, landing dead center of its $21-to-25 range. That said, chatter around this deal earlier floated a valuation closer to $12 billion.