Jersey Mike’s Subs is scheduled to begin trading on the New York Stock Exchange on Thursday under the ticker “JMKE.” Its initial public offering was priced at $23 per share, with approximately 43.5 million shares expected to raise about $1 billion and give the sandwich chain a market valuation of roughly $7.3 billion.

The offering is set to become one of the largest U.S. restaurant IPOs in recent years.

About 18 months ago, Blackstone paid approximately $6 billion and assumed related debt to acquire a majority stake in Jersey Mike’s, valuing the overall transaction at about $8 billion. After taking control, the private-equity firm sought to preserve the quality of the chain’s signature sandwiches while introducing menu changes, tighter cost controls and other operational improvements.

The leveraged buyout also added to Jersey Mike’s financial burden. The company took on approximately $500 million in additional debt, increasing its total borrowings to $2.1 billion. Annual interest expense rose from $43 million in 2024 to $104 million in 2025.

Despite the heavy debt load, investor interest in the IPO has been strong. Institutional orders reportedly exceeded the available shares by more than 10 times, indicating continued confidence in the company’s brand and growth prospects.

Over the past 18 months, a team of more than a dozen Blackstone dealmakers and executives has worked to prepare Jersey Mike’s for the public market. Following the IPO, Blackstone will retain roughly two-thirds of the company’s voting power and remain its controlling shareholder.