Jersey Mike's began trading publicly on Thursday, with its stock opening at $21 per share. That debut price gave the sandwich chain a market value just under $1 billion, marking a closely watched arrival on the public markets.
The company offered more than 43 million shares in the deal. Interest appeared strong as investors moved quickly into the stock after Jersey Mike's made its debut under the ticker JMKE.
Jersey Mike's entered the market with support from major backers including Blackstone and the Abu Dhabi Investment Authority. Their involvement added to attention around the offering as investors assessed the restaurant brand's public market prospects.
The opening trade puts Jersey Mike's among the latest consumer-facing companies to test investor appetite for new listings. For now, the $21 start gives the sandwich chain a notable public valuation and an early measure of demand for the stock.
