Illustration: Sarah Grillo/Axios. Stock: Getty Images
Jersey Mike's Subs priced its IPO at $23 per share on Wednesday, raising $1 billion for the company and selling shareholders.
The big picture: The sandwich chain's mid-range pricing suggests there's an appetite for restaurant IPOs.
Zoom in: The offering values Jersey Mike's at $7.3 billion. The company sold about 13.8 million shares, raising $317 million, with Blackstone and other shareholders, like the Abu Dhabi Investment Authority, selling nearly 29.7 million shares.
- The New Jersey-based sandwich chain had aimed to price the nearly 43.5 million Class A shares at $21 to $25 each.
- Underwriters have the option to buy another 6.5 million shares.
Follow the money: Blackstone inked an $8 billion deal for a majority stake in the sub chain in November 2024.
What we're watching: Roark Capital is said to be looking at taking Inspire Brands, the parent of Dunkin' Donuts, Arby's and Jimmy John's, public.
Inside the room: Simpson Thacher is advising Jersey Mike's on the IPO, while Davis Polk is advising the underwriters, which include Morgan Stanley, Jefferies and J.P. Morgan.
What's next: Jersey Mike's plans to start trading Thursday on the NYSE under the ticker symbol "JMKE."
