Jersey Mike's Subs stock priced ahead of IPO

Sandwich chain Jersey Mike’s Subs Inc. shares are set to begin trading on the New York Stock Exchange (NYSE) on Thursday, July 30, under the ticker symbol "JMKE." The stock was priced late Wednesday at $23 a share, the midpoint of its marketed range.

The initial public offering is the largest by a restaurant chain in some time, drawing comparisons to the highly anticipated IPOs of CAVA Group in 2023 and coffee chain Dutch Bros. in 2021.

The IPO arrives at a time when market attention has been heavily focused on technology and AI companies, with SpaceX and Bending Spoons recently going public, and AI firms like OpenAI and Anthropic potentially preparing for listings.

Jersey Mike's offers a different investment profile: a 70-year-old, New Jersey-based brick-and-mortar operation with thousands of locations and hundreds of franchise owners. The company was ranked as the top quick-service restaurant (QSR) chain in the U.S. by the American Customer Satisfaction Index (ACSI) this year.

Private equity firm Blackstone took a majority stake in the company in 2024. The IPO is reportedly more than 10 times oversubscribed, indicating significant investor interest in the sandwich chain.