US Stocks: Jersey Mike's Shares Fall 8.7% in New York Debut
The sandwich chain aims to raise capital for expansion after Blackstone bought a majority stake for $8 billion last year.
- Jersey Mike's Subs Inc. debuted on the New York Stock Exchange on Thursday, July 30, 2026, pricing its IPO at $23 per share and raising $1 billion, valuing the sandwich chain at about $6.7 billion.
- Last year, private equity firm Blackstone Inc. acquired a majority stake in the company for $8 billion, building on the foundation established by founder Peter Cancro, who purchased the first shop in Point Pleasant, New Jersey, in 1975.
- The company reported 2025 revenue of $724 million, supported by a 'protein-forward' menu strategy, and will deploy IPO proceeds to repay debt and fund expansion across the United States, Canada, and Europe.
- Shares opened 8.7% below the $23 IPO price, trading at $21 on the trading debut, reflecting cautious investor sentiment in the initial market reaction.
- Melius Research initiated coverage with a $30 price target, citing potential market share gains from Subway's decline, while leadership targets expansion from 3,300 to 7,500 locations.
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Jersey Mike's Sinks in First Day of Trading After $1 Billion IPO
Jersey Mike’s shares fall in hyped NYSE debut as Danny DeVito, Eli Manning ring opening bell
Jersey Mike's shares opened 8.7% below their initial public offering price on Thursday, giving the sandwich chain a valuation of about $6.7 billion in its New York Stock Exchange debut.
Blackstone-Backed Jersey Mike's Falls 8.7% After $1 Billion IPO
(Bloomberg) — Jersey Mike’s Subs Inc. shares slumped 8.7% in their trading debut Thursday, after the company and some of its shareholders raised $1 billion in a US initial public offering that priced at the midpoint of its marketed range.
The Economic Times
Times of IndiaUS stocks: Jersey Mike's shares fall 8.7% in New York debut
Jersey Mike's debuted on the New York Stock Exchange with shares opening lower. The sandwich chain's initial public offering raised approximately one billion dollars. This listing marks one of the largest restaurant IPOs in recent years. The company operates over three thousand three hundred locations across the United States and Canada. Jersey Mike's offering tests investor confidence in the wider retail sector.
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