Jersey Mike's shares opened lower on the New York Stock Exchange Thursday after it priced about 43.5 million shares at $23 each yesterday. The stock recently traded at about $22.57, down 2%.
It's no hyperscaler, but the restaurant chain is one of this year's most high-profile IPOs. The company is debuting with a valuation of nearly $8 billion, just 18-months after private-equity firm Blackstone took a majority-stake. The company raised about $1 billion in its IPO.
Jersey Mike's hopes loyal consumers will rally behind its 70-some years in the business, which has since grown to more than 3,000 locations.
Blackstone will retain control over the sandwich-maker, as just 13.7% of voting power will be transferred to shareholders post-IPO.
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