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Sub-specialist Jersey Mike’s priced a landmark initial public offering to raise $1 billion, officially joining the ranks of public companies less than two years after it was sold to the private-equity firm Blackstone. With shares well oversubscribed earlier in the week, the Tinton Falls, New Jersey-based chain priced its shares at $23, raising slightly over $1 billion. The price gives the company a valuation of $7.3 billion.
Jersey Mike’s was scheduled to begin trading on the New York Stock Exchange Thursday morning using the ticker symbol JMKE. The IPO comes about a year and a half after the 70-year-old chain was acquired by private-equity firm Blackstone in January 2025 for the purchase price of $6.3 billion. Founder Peter Cancro, who at age 17 bought a tiny sub shop with a loan from his high school football coach, grew the chain and was its only CEO before the sale to Blackstone.