Jersey Mike’s launches NYSE debut with $23 IPO pricing
Net proceeds will be used to repay debt and support general corporate purposes.
Jersey Mike’s Subs Inc. has priced its initial public offering (IPO) at $23 per share, with 43,478,261 shares of Class A common stock being offered to investors.
The company’s existing shareholders are also granting underwriters a 30-day option to purchase an additional 6,521,739 shares at the IPO price, less underwriting fees, to cover potential excess demand.
Jersey Mike’s shares are scheduled to begin trading on the New York Stock Exchange (NYSE) on 30 July under the ticker symbol “JMKE.”
The offering is expected to close on 31 July, pending standard closing requirements.
The company said it expects to use the net proceeds from the 13,782,609 shares it is issuing to pay down debt and for general corporate purposes.
Jersey Mike’s will not receive any money from shares sold by existing shareholders, including any additional shares sold through the underwriters’ option.
Morgan Stanley, Jefferies, and J.P. Morgan are serving as global coordinators and joint bookrunning managers for the offering.
