Jersey Mike's IPO Demand Exceeds Supply by Over 10-Fold, Report Says

Jersey Mike’s Subs Inc.’s initial public offering has attracted institutional investor orders for more than 10 times the number of shares being offered, Bloomberg reported Monday, signaling strong demand for the restaurant chain's market debut.

The report noted that the Blackstone-backed company has drawn substantial interest from long-only investors, a group typically focused on holding assets for an extended period rather than short-term trading.

Offering Details

Jersey Mike's is aiming to raise up to $1.09 billion by offering 43.5 million shares. The company has set an initial price range of $21 to $25 per share.

At the top end of this range, the IPO would give the company a valuation of nearly $8 billion. The shares are slated to begin trading on the New York Stock Exchange under the ticker symbol JMKE.

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Timeline and Underwriters

According to the report, the company plans to stop accepting investor orders at 4 p.m. New York time on Tuesday. The IPO is expected to be priced after the market closes on Wednesday, with trading scheduled to commence on July 30.

The high level of oversubscription suggests the offering could price at the top of or even above its marketed range. Key financial institutions managing the offering include Morgan Stanley, Jefferies Financial Group Inc., and JPMorgan Chase & Co.