Jersey Mike's Targets Up to $1.09 Billion in US Initial Public Offering

Sandwich chain Jersey Mike's Subs announced on Monday its intention to raise up to $1.09 billion in a U.S. initial public offering. The company has applied to list on the New York Stock Exchange, signaling a significant public-market debut for the fast-growing restaurant brand.

Offering Details

According to the announcement, the offering will consist of shares of Class A common stock priced in a range between $21.00 and $25.00 per share. The deal includes 13,782,609 shares offered by the company and an additional 29,695,652 shares offered by existing selling stockholders.

At the top end of the proposed price range, the total offering size would reach its target of approximately $1.09 billion. Upon listing, the company intends to trade under the ticker symbol "JMKE".

Market Context and Underwriters

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The planned IPO comes as the U.S. market for new listings has recovered in the second quarter after a brief slowdown. The move by Jersey Mike's reflects renewed confidence among private companies to tap public capital markets.

A consortium of major banks is leading the transaction. Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers. Barclays and Guggenheim Securities will also serve as co-global coordinators and joint bookrunning managers for the offering.

Company Background

Jersey Mike's traces its origins to a single shop called Mike's Subs, founded in Point Pleasant, New Jersey, in 1956. The brand has since expanded into a major national franchise known for its submarine sandwiches, growing significantly under the leadership of CEO Peter Cancro, who began his career at the original location.