Jersey Mike’s valued at US$6.7 billion after shares fall in NYSE debut

Bloomberg

Jul 31

Jersey Mike’s shares opened 8.7 per cent below their initial public offering price on Thursday, valuing the sandwich chain at about US$6.7 billion in its New York Stock Exchange debut.The offering ...

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after shares fall in NYSE debut","media":"Bloomberg","content":"<div>\n<p>Jersey Mike’s shares opened 8.7 per cent below their initial public offering price on Thursday, valuing the sandwich chain at about US$6.7 billion in its New York Stock Exchange debut.The offering ...</p>\n\n<a href=\"https://www.bnnbloomberg.ca/business/company-news/2026/07/30/jersey-mikes-valued-at-us67-billion-after-shares-fall-in-nyse-debut/\">Source Link</a>\n\n</div>\n","source":"bnn_bloomberg_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jersey Mike’s valued at US$6.7 billion after shares fall in NYSE debut</title>\n<style 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about US$6.7 billion in its New York Stock Exchange debut.The offering ...</p>\n\n<a href=\"https://www.bnnbloomberg.ca/business/company-news/2026/07/30/jersey-mikes-valued-at-us67-billion-after-shares-fall-in-nyse-debut/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NYSE","symbol_name":"纽交所","start_time":0,"source_url":"https://www.bnnbloomberg.ca/business/company-news/2026/07/30/jersey-mikes-valued-at-us67-billion-after-shares-fall-in-nyse-debut/","article_id":"2655800733","we_media_id":null,"thumbnails":["https://www.bnnbloomberg.ca/resizer/v2/B7IQP2QDVJDMVIL5SFSMLMTUCY.jpg?smart=true&auth=89af18f1160e459a8178570f6dd1e952ab318379db929ee23dfb8865f0c51916&width=500&height=333"],"rights":{"source":"bnn_bloomberg_highlight","url":"https://www.bnnbloomberg.ca/business/company-news/2026/07/30/jersey-mikes-valued-at-us67-billion-after-shares-fall-in-nyse-debut/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2655800733","pubTimestamp":1785436320,"columns":[],"sourceInfo":{"source_id":"bnn_bloomberg_highlight","name":"Bloomberg"},"weMediaInfo":null,"summary":"Jersey Mike’s shares opened 8.7 per cent below their initial public offering price on Thursday, valuing the sandwich chain at about US$6.7 billion in its New York Stock Exchange debut.","collect":0,"end_time":0,"defaultTopTitle":"bnnbloomberg.ca","property":[],"viewcount":null,"language":"en","relate_stocks":{"NYSE":"纽交所","IPOS":"Renaissance International IPO ETF"},"translate_title":"Jersey Mike's 在纽约证券交易所上市后股价下跌，估值达 67 亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IPOS":1.5,"NYSE":1.5},"content_text":"Jersey Mike’s shares opened 8.7 per cent below their initial public offering price on Thursday, valuing the sandwich chain at about US$6.7 billion in its New York Stock Exchange debut.The offering raised about $1 billion after pricing at the midpoint of the company’s marketed range on Wednesday, with the company selling roughly 43.5 million shares at $23 apiece.Jersey Mike’s offering marks one of the largest restaurant IPOs in recent years, bringing a fast-growing sandwich chain into a market that has seen few major food-service listings since the pandemic.“The business was well designed for a long time to be a great public company,” Jersey Mike’s CEO Charlie Morrison told Reuters in an interview. “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.”Latest updates on company news hereThe Tinton Falls, New Jersey-based company operates a fast-casual submarine sandwich franchise, with more than 3,300 locations across the U.S. and Canada.It plans to expand overseas in the United Kingdom and Ireland, with the first store set to open as soon as later this year, Morrison said.“We think we can have not only 7,500 stores or more in the U.S. but another 7,500 stores outside the U.S., that totals 15,000 stores of potential growth,” he said.Its listing tests investor appetite for the wider retail sector, where issuers are gradually returning to the market after a years-long slowdown.“Raising roughly $1 billion for a sandwich chain is already an impressive outcome and shows that investors remain willing to fund large, established consumer brands,” said IPOX Research associate Lukas Muehlbauer.U.S. IPOs have gathered steam this year, predominantly led by technology, defense and industrial listings, pushing proceeds past $140 billion, according to data from Renaissance Capital, a provider of IPO-focused research and ETFs.The momentum follows a brief lull at the start of the year, when the U.S.-Iran conflict pushed issuers to the sidelines, although many are now starting to look past the volatility and move ahead with plans to go public.CONFIDENCE TEST FOR RETAIL IPOsJersey Mike’s is going public at a time when restaurant businesses are grappling with elevated interest rates, higher operating costs and stretched consumer budgets.The Dow Jones U.S. Restaurants & Bars Index .DJUSRU, which tracks the likes of McDonald’s MCD.N, Starbucks SBUX.O, and Chipotle CMG.N, is down over 1 per cent this year, while the broader market has risen about 7 per cent. Suja Life, which went public in May, has lost over half its value.“The broader market has seen more volatility over the past few sessions, so I would not read too much into the shares opening below the IPO price on their first day,” Muehlbauer said.Inspire Brands, the owner of Dunkin’, Arby’s and Jimmy John’s, confidentially filed for a U.S. IPO earlier this year. Gas station chain Cumberland Farms and Men’s Wearhouse owner Tailored Brands also filed for IPOs this month.Jersey Mike’s was acquired by private equity firm Blackstone last year in a deal valued at about $8 billion. The sandwich chain plans to open 400 stores across the UK and Ireland in partnership with founder and former CEO Peter Cancro.Cancro bought Mike’s Subs in Point Pleasant, New Jersey, in 1975 at age 17 and began franchising the business in 1987. The company later became Jersey Mike’s and grew into one of the largest sandwich chains in the United States.(Reporting by Utkarsh Shetti in Bengaluru and Abigail Summerville in New York; Editing by Tasim Zahid)Related StoriesSandwich chain Jersey Mike’s targets US$7.94 billion valuation in U.S. IPO","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}