Jersey Mike’s Prices IPO at $21 to $25 in $1.09 Billion Stock Sale
Jersey Mike’s Subs unveiled terms for an initial public offering designed to raise up to $1.09 billion through the sale of 43.5 million shares priced at $21 to $25 each. The transaction values the sandwich chain, backed by Blackstone, at approximately $8 billion at the top of the pricing range.
The company will list on the New York Stock Exchange under the ticker $JMKE. Existing shareholders will sell 68% of the offering, with selling stockholders expected to cash out roughly $742 million at the high end. Jersey Mike’s itself will receive about $345 million from the primary portion of the deal.
From the sources (5 posts)
@firstsquawkJERSEY MIKE'S SUBS SEEKS TO RAISE UP TO $1.09B IN IPO
@wallstengineJERSEY MIKE'S, BACKERS SEEK UP TO $1.09B IN IPO
@wallstengineJersey Mike’s is seeking up to $1.09 billion in its IPO, offering 43.5 million shares at $21 to $25 and planning to list on the NYSE under $JMKE. Detail: existing shareholders are selling 68% of the offering. At the top of the range, Jerse
@businessJersey Mike’s Subs plans to market about 43.5 million shares for $21 to $25 each
@wsjJersey Mike’s Subs unveiled terms of a planned initial public offering that could give the sandwich chain, backed by private-equity giant Blackstone, an initial market capitalization approaching $8 billion.