Jersey Mike’s begins IPO road show, targets valuation of up to nearly $8B

Jersey Mike's Subs has begun the roadworthy amusement for its projected archetypal nationalist offering (IPO), with the sandwich concatenation looking to rise up to astir $1.1 cardinal done the merchantability of Class A communal stock.

The institution is offering astir 43.5 cardinal shares priced betwixt $21 and $25 each, which would make gross proceeds of astir $913 cardinal to $1.1 billion.

Based connected the midpoint of the range, Jersey Mike's would person a marketplace capitalization of astir $7.3 billion, portion the apical extremity of the scope would worth the institution astatine astir $7.9 billion.

Jersey Mike's plans to database its Class A communal banal connected the New York Stock Exchange nether the ticker awesome 'JMKE.' The institution has not disclosed erstwhile shares are expected to statesman trading.

The offering includes recently issued shares arsenic good arsenic shares sold by existing investors. Jersey Mike's expects to contented 13.8 cardinal caller shares, portion existing shareholders, including Blackstone and the Abu Dhabi Investment Authority, are selling astir 29.7 cardinal shares. Underwriters volition besides person an enactment to acquisition an further 6.5 cardinal shares.

Following the IPO, Blackstone is expected to clasp bulk voting power of the company, which volition run arsenic a controlled company. Jersey Mike's said it expects nett proceeds of astir $301 cardinal astatine the midpoint of the offering, which volition beryllium utilized for wide firm purposes, including strengthening its equilibrium expanse and perchance reducing debt.

The IPO could go the largest edifice manufacture nationalist offering successful 2 decades, surpassing Krispy Kreme's astir $500 cardinal IPO successful 2021, according to information from Aaron Allen & Associates.

Jersey Mike's operates astir 3,300 locations crossed the US and is the second-largest US sandwich concatenation by store number down Subway.