Jersey Mike’s Subs Inc. (JMKE) shares plummeted 8.63% intraday on Thursday, as the fast-casual restaurant chain made its public debut on the New York Stock Exchange.

The stock opened at $21 per share, significantly below the $23 initial public offering price, which was set at the midpoint of the $21 to $25 marketed range. The opening price decline immediately weighed on the shares, driving the steep intraday drop.

The company, which sold 43.5 million shares in a $1 billion IPO, is testing investor appetite for consumer discretionary listings at a time when the sector has largely remained on the sidelines in 2026.