Jersey Mike's began trading publicly on Thursday at $21 per share, marking a closely watched stock market debut for the sandwich chain. Based on that opening price, the company was valued at more than $7 billion.
Early interest appeared strong as investors moved into the newly listed shares. The public offering included more than 43 million shares, putting Jersey Mike's among the notable consumer brand listings to reach the market.
The company entered the IPO with support from major backers including Blackstone Inc. and the Abu Dhabi Investment Authority. That backing added to attention around the offering as traders assessed demand for a well-known restaurant brand.
Jersey Mike's stock debut adds another data point for the market's appetite for restaurant and consumer-facing IPOs. With shares opening above the offer level described in the listing, the chain's first day as a public company drew immediate focus from investors following new issues.
