Jersey Mike's falls in New York debut after $1 billion US IPO
JMKE•Shares fall in debut after pricing at $23
Shares of fast-casual restaurant franchisor Jersey Mike's Subs fell as much as 8.7% in their New York debut after the company completed a $1 billion U.S. IPO.
The stock opened at $21 apiece versus the $23 IPO price.
Tinton Falls, New Jersey-based Jersey Mike's and selling shareholders sold 43.5 million shares in the IPO at $23 apiece, the midpoint of the marketed range of $21 to $25 per share.
Listing tests demand for consumer discretionary IPOs
The listing will test investor demand for consumer discretionary IPOs, a sector that has spent most of 2026 on the sidelines.
Founded in 1956 as Mike's Subs in Point Pleasant, Jersey Mike's has grown from a single neighborhood sub shop into one of the fastest-growing restaurant brands in America.
JMKE has more than 3,300 locations across the U.S. and Canada, with plans to expand abroad.
Morgan Stanley, Jefferies and J.P. Morgan acted as global coordinators and joint bookrunning managers for the offering.
