Jersey Mike's Subs Inc. (JMKE) — IPO Dossier

A 3,300-location sandwich franchise — $4.3B in systemwide sales, 20 straight years of positive same-store sales — priced at $23.00 on the NYSE behind a 33-bank syndicate. Two-thirds of the base deal is sold by existing holders, and the entire greenshoe is theirs too. It broke below its issue price on day one.

Demand read

Jersey Mike's brings the widest distribution of any deal on the calendar this week. Thirty-three banks, with Morgan Stanley, Jefferies, and J.P. Morgan as global coordinators — a book assembled that deep is itself an observable demand condition, and the syndicate reads at the top of the underwriter scale. Against that: 43,478,261 shares priced at $23.00 puts $1.000 billion of paper into a single session, and approximately 68% of the offering is secondary — shares sold by existing holders rather than the company. Net proceeds to the business run about $301 million at the final price, with roughly $295 million earmarked for repayment of the Series 2026-1 Notes rather than growth. The composite reads HIGH. The demand index measures conditions observable before pricing. It is not a forecast and not financial advice.