Jersey Mike’s Subs (JMKE) priced its IPO at $23.00 – the mid-point of its range – and sold 43.48 million shares – the number in the prospectus – to raise $1 billion on Wednesday night, July 29, 2026. The price range was $21.00 to $25.00. At pricing, Jersey Mike’s Subs had a market cap of $7.3 billion. (Editor’s Note: This story, published Wednesday night, was updated Thursday, July 30, with news on Jersey Mike’s (JMKE) debut on the NYSE.)
Shares of Jersey Mike’s Subs (JMKE) opened at $21.00 – $2.00 below their IPO price – on Thursday, July 30, on the New York Stock Exchange. At mid-afternoon, Jersey Mike’s Subs traded at $22.00 – off its intraday high at $22.88 – on NYSE volume of 21.75 million shares.
At the closing bell, Jersey Mike’s Subs’ stock was at $21.63 – down $1.37 from its IPO price for a drop of 5.96 percent on its first day of NYSE trading. Volume totaled about 35.93 million shares, according to the NYSE.
The disappointing debut for Jersey Mike’s Subs on the NYSE was in contrast to Thursday’s tech-driven rally in the broad U.S. stock market.
Morgan Stanley, Jefferies and J.P. Morgan were the global coordinators and joint book-running managers. Barclays and Guggenheim Securities were co-global coordinators and joint book-running managers. The book-runners’ team included another 18 investment banks.
Most of Jersey Mike’s sub shops – more than 3,000 locations – are under franchise ownership.
Jersey Mike’s Subs will use $295 million in IPO proceeds to repay some debt.
Jersey Mike’s Subs is profitable: Net income of $55 million on revenue of $724 million for the year that ended on Dec. 31, 2025, according to the prospectus.