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Jersey Mike's Shares Fall 2% in NYSE Debut After Opening Below IPO Price
Jersey Mike's made its public market debut on the New York Stock Exchange (NYSE) under the ticker "JMKE". The sandwich chain priced its initial public offering (IPO) at $23 per share, but the stock opened at $21 per share and fell approximately 2% during Thursday afternoon trading. The company sold 43.5 million shares, raising about $1 billion and valuing the company at $7.3 billion, marking one of the largest initial fundraises for a restaurant IPO. Jersey Mike's plans to use the proceeds to pay down debt and for general corporate purposes, with future plans for international expansion.
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