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
3 months ago
