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(JMKE) starts trading on the New York Stock Exchange
cnbc.com • • business
Key Points:
- Jersey Mike's shares dropped about 3% after its New York Stock Exchange debut under the ticker "JMKE," opening at $21 per share, below its IPO price of $23.
- The company raised approximately $1 billion by selling 43.5 million shares, valuing Jersey Mike's at $7.3 billion, marking one of the largest restaurant IPO fundraises ever.
- With nearly 3,300 locations, Jersey Mike's is the second-largest hoagie sandwich chain in the U.S. and the largest publicly traded chain in this category.
- Despite a softening restaurant industry, Jersey Mike's has seen positive same-store sales growth and transaction increases, attributed to a higher-income customer base.
- The company plans to use IPO proceeds to pay down debt, expand internationally, and aims for long-term growth to 15,000 restaurants globally, leveraging increased brand awareness as a public company.
