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(Bloomberg) — Jersey Mike’s Subs Inc.’s initial public offering has attracted investor demand for more than 10 times the available shares ahead of pricing on Wednesday, according to people familiar with the matter.
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The Blackstone Inc.-backed submarine sandwich chain and some of its shareholders are looking to raise as much as $1.09 billion in the offering. The IPO has drawn significant orders from long-only investors, the people said, asking not to be identified as the information isn’t public.
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A spokesperson for Jersey Mike’s didn’t immediately respond to a request for comment. A Blackstone spokesperson declined to comment.
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The IPO consists of about 43.5 million shares for $21 to $25 each, according to a filing with the US Securities and Exchange Commission. That includes approximately 29.7 million shares offered by backers including Blackstone and Abu Dhabi Investment Authority.
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At the top of the range, Jersey Mike’s would have a market value of nearly $8 billion based on the outstanding shares listed in its filing. The listing is part of a nascent rebound in consumer debuts that includes womenswear firm Reformation Inc.’s IPO, which is also pricing Wednesday.
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Jersey Mike’s has more than 3,300 locations in the US and Canada. Blackstone agreed to buy a majority stake in the company in 2024 for about $8 billion including debt and completed the deal the following year. It has partnered with its founder and former Chief Executive Officer Peter Cancro to open approximately 300 stores in the UK and Ireland.
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Morgan Stanley, Jefferies Financial Group Inc. and JPMorgan Chase & Co. are leading the IPO. The shares are expected to begin trading on the New York Stock Exchange on July 30 under the symbol JMKE.
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