July 2 (Reuters) – Sandwich chain Jersey Mike’s has filed for a U.S. initial public offering, pushing ahead with its plans to go public at a time of renewed enthusiasm for new listings.
The IPO market has rebounded after a brief bout of volatility due to the U.S.-Iran war, and many issuers who were on the sidelines are now going ahead with their listing plans.
A string of high-profile listings, including SpaceX’s record-breaking $75 billion IPO, has pushed second-quarter proceeds past $100 billion as investors are drawn back to new listings.
Jersey Mike’s did not disclose additional details of the offering. Bloomberg News had reported earlier this year, citing sources, that the sandwich chain could seek to raise more than $1 billion at a valuation of at least $12 billion.
The company operates a fast-casual sub sandwich franchise, with more than 3,300 locations across the U.S. and Canada, according to its filing with the U.S. Securities and Exchange Commission.
Jersey Mike’s, which was acquired by private equity firm Blackstone last year for around $8 billion, has announced plans to open 400 stores in the UK and Ireland in partnership with Peter Cancro, the chain’s founder and former CEO.
Cancro founded Jersey Mike’s in 1975 when he was 17-years-old and bought Mike’s Subs shop in Point Pleasant, New Jersey. He began franchising the business in 1987.
The company has applied to list on the New York Stock Exchange under the trading symbol “JMKE.” Morgan Stanley, Jefferies and J.P. Morgan are the joint book-running managers in the offering.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Joyjeet Das)
