4 hours ago
Every IPO arrives with a promise. The market's job is to decide whether that promise deserves a premium or a reality check. That was the story on July 30, when Jersey Mike's Subs (JMKE) made its long-awaited debut on the New York Stock Exchange. Backed by Blackstone (BX) and the Abu Dhabi Investment Authority, the sandwich chain came to Wall Street with plenty of excitement, pricing its IPO at $23 per share.
The offering raised roughly $913 million, valuing the company at about $7.3 billion, with proceeds earmarked primarily to reduce debt and support general corporate needs. But instead of taking a victory lap, the stock stumbled out of the gate. Shares opened at $21 and ended their first trading session down about 5.7%, a reminder that even the hottest IPOs don't always get an "instant" standing ovation.
CoreWeave Just Scored a Leidos Partnership. What That Means for CRWV Stock Here.
Palantir Is Set to Deliver Strong Q2. ******* ysts See 60% Upside Potential for PLTR Stock.
Earnings, PMI and Other Key Things to Watch this Week
#jmke #backed
The offering raised roughly $913 million, valuing the company at about $7.3 billion, with proceeds earmarked primarily to reduce debt and support general corporate needs. But instead of taking a victory lap, the stock stumbled out of the gate. Shares opened at $21 and ended their first trading session down about 5.7%, a reminder that even the hottest IPOs don't always get an "instant" standing ovation.
CoreWeave Just Scored a Leidos Partnership. What That Means for CRWV Stock Here.
Palantir Is Set to Deliver Strong Q2. ******* ysts See 60% Upside Potential for PLTR Stock.
Earnings, PMI and Other Key Things to Watch this Week
#jmke #backed
3 days ago
Our ****** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Blackstone picked quite a week to sell Italian subs to the market, but maybe that's exactly the moment to take a breath, look around, and put some faith (and some capital) in the enduring magic of provolone and Danny DeVito.
Jersey Mike's priced its IPO at $23 a share Tuesday night, the same 24 hours the Nasdaq officially slid into correction and 3 Fed officials staged a mutiny against their own chair. Demand did not care. The deal went ten times oversubscribed, raised roughly $1 billion, and became the largest US consumer listing of the year, landing dead center of its $21-to-25 range.
That said, chatter around this deal earlier floated a valuation closer to $12 billion. It priced nearer $7.3 billion instead, a hair above the $8 billion Blackstone paid for majority control back in 2024. If you're tasting a little red wine vinegar in those numbers, you're on to something. Ten times oversubscribed, and the sandwich shop still landed below what its own private buyer thought it was worth 2 years ago. That's gotta make Steve Schwarzman feel a little stugatz about the whole deal.
JMKE shares are open to the public Thursday, but roughly 86% of the company's voting power stays exactly where it's lived since 2024: tucked inside the world's largest private equity shop.
#around #priced
Blackstone picked quite a week to sell Italian subs to the market, but maybe that's exactly the moment to take a breath, look around, and put some faith (and some capital) in the enduring magic of provolone and Danny DeVito.
Jersey Mike's priced its IPO at $23 a share Tuesday night, the same 24 hours the Nasdaq officially slid into correction and 3 Fed officials staged a mutiny against their own chair. Demand did not care. The deal went ten times oversubscribed, raised roughly $1 billion, and became the largest US consumer listing of the year, landing dead center of its $21-to-25 range.
That said, chatter around this deal earlier floated a valuation closer to $12 billion. It priced nearer $7.3 billion instead, a hair above the $8 billion Blackstone paid for majority control back in 2024. If you're tasting a little red wine vinegar in those numbers, you're on to something. Ten times oversubscribed, and the sandwich shop still landed below what its own private buyer thought it was worth 2 years ago. That's gotta make Steve Schwarzman feel a little stugatz about the whole deal.
JMKE shares are open to the public Thursday, but roughly 86% of the company's voting power stays exactly where it's lived since 2024: tucked inside the world's largest private equity shop.
#around #priced
4 days ago
Jersey Mike's (JMKE) made its public debut on Thursday at $21 per share, and investors were eager to get a bite of the sandwich chain.
The company, backed by Blackstone Inc. (BX) and the Abu Dhabi Investment Authority, offered more than 43 million shares. It opened just below its initial public offering (IPO) price of $23, raising $913 million and valuing the company at $7.3 billion. It is now officially listed under the ticker symbol "JMKE" on the New York Stock Exchange.
Blackstone took a majority stake in the chain in November of 2024 and soon after tapped industry veteran and former WingStop (WING) CEO Charlie Morrison to lead the company.
This public debut, which is one of the largest in the restaurant industry, marks the next chapter for the Point Pleasant, New Jersey-based chain, but the business is already booming.
According to the regulatory filing, Jersey Mike's same-store sales grew by 50% between 2020 and 2025. In 2025, systemwide sales increased 13% year over year to reach $4.3 billion.
#blackstone #debut
The company, backed by Blackstone Inc. (BX) and the Abu Dhabi Investment Authority, offered more than 43 million shares. It opened just below its initial public offering (IPO) price of $23, raising $913 million and valuing the company at $7.3 billion. It is now officially listed under the ticker symbol "JMKE" on the New York Stock Exchange.
Blackstone took a majority stake in the chain in November of 2024 and soon after tapped industry veteran and former WingStop (WING) CEO Charlie Morrison to lead the company.
This public debut, which is one of the largest in the restaurant industry, marks the next chapter for the Point Pleasant, New Jersey-based chain, but the business is already booming.
According to the regulatory filing, Jersey Mike's same-store sales grew by 50% between 2020 and 2025. In 2025, systemwide sales increased 13% year over year to reach $4.3 billion.
#blackstone #debut
4 days ago
Jersey Mike's (JMKE) made its public debut on Thursday at $21 per share, and investors were eager to get a bite of the sandwich chain.
The company, backed by Blackstone Inc. (BX) and the Abu Dhabi Investment Authority, offered more than 43 million shares. It opened just below its initial public offering (IPO) price of $23, raising $913 million and valuing the company at $7.3 billion. It is now officially listed under the ticker symbol "JMKE" on the New York Stock Exchange.
Blackstone took a majority stake in the chain in November of 2024 and soon after tapped industry veteran and former WingStop (WING) CEO Charlie Morrison to lead the company.
This public debut, which is one of the largest in the restaurant industry, marks the next chapter for the Point Pleasant, New Jersey-based chain, but the business is already booming.
According to the regulatory filing, Jersey Mike's same-store sales grew by 50% between 2020 and 2025. In 2025, systemwide sales increased 13% year over year to reach $4.3 billion.
#chain #company #billion #industry
The company, backed by Blackstone Inc. (BX) and the Abu Dhabi Investment Authority, offered more than 43 million shares. It opened just below its initial public offering (IPO) price of $23, raising $913 million and valuing the company at $7.3 billion. It is now officially listed under the ticker symbol "JMKE" on the New York Stock Exchange.
Blackstone took a majority stake in the chain in November of 2024 and soon after tapped industry veteran and former WingStop (WING) CEO Charlie Morrison to lead the company.
This public debut, which is one of the largest in the restaurant industry, marks the next chapter for the Point Pleasant, New Jersey-based chain, but the business is already booming.
According to the regulatory filing, Jersey Mike's same-store sales grew by 50% between 2020 and 2025. In 2025, systemwide sales increased 13% year over year to reach $4.3 billion.
#chain #company #billion #industry
1 month ago
Kevin Carter/Getty Images
Blackstone has moved to exit another of its top-performing portfolio companies, this time iconic American sandwich chain Jersey Mike's Subs.
The New Jersey-based business, known as much for its subs as it is for its ******* ociation with actor and superfan Danny DeVito, filed an S-1 with the Securities and Exchange Commission on Thursday, paving the way for a debut on the New York Stock Exchange under the ticker "JMKE."
The number of shares on offer and the price range have yet to be disclosed.
Proceeds will be used, in part, to pay down a portion of the $760 million of debt the company took on earlier this year to refinance existing borrowings from 2019 and 2021, to make debt repayments and to fund a dividend payout to its sponsor, Blackstone, according to the filing.
Blackstone has moved to exit another of its top-performing portfolio companies, this time iconic American sandwich chain Jersey Mike's Subs.
The New Jersey-based business, known as much for its subs as it is for its ******* ociation with actor and superfan Danny DeVito, filed an S-1 with the Securities and Exchange Commission on Thursday, paving the way for a debut on the New York Stock Exchange under the ticker "JMKE."
The number of shares on offer and the price range have yet to be disclosed.
Proceeds will be used, in part, to pay down a portion of the $760 million of debt the company took on earlier this year to refinance existing borrowings from 2019 and 2021, to make debt repayments and to fund a dividend payout to its sponsor, Blackstone, according to the filing.
