Sandwich chain Jersey Mike’s began trading on the New York Stock Exchange (NYSE) following its initial public offering (IPO).
However, shares slipped 8.7% below their debut price, valuing the company at around $6.7bn, Reuters reported.
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The news agency added that the IPO raised $1bn after being priced at the midpoint of the marketed range.
Jersey Mike’s previously announced the pricing of approximately 43.5 million shares at $23 each. In a statement, the company plans to use the proceeds to repay “certain indebtedness” and for general corporate purposes.
Jersey Mike’s CEO Charlie Morrison told Reuters in an interview: “The business was well designed for a long time to be a great public company.
“It has all the predictability in performance that we know investors love to see…and tons of portability and white space ahead of us to grow this brand well into the future.”
Morrison said the company is preparing to move into new international markets, with expansion planned in the UK and Ireland.
He added: “We think we can have not only 7,500 stores or more in the US but another 7,500 stores outside the US, that totals 15,000 stores of potential growth.”
Morrison took over the CEO role in April 2025, succeeding Peter Cancro.
Founded in 1956 as Mike’s Subs in Point Pleasant, Jersey Mike’s Subs currently has more than 3,300 locations in the US and Canada. In a separate statement, AI-enabled platform SRX Global said it acquired shares in Jersey Mike’s IPO.
