Shares of Jersey Mike’s (JMKE) fell 6% during their first trading day following a disappointing initial public offering (IPO) for the restaurant chain.
The company, which specializes in sub sandwiches, made its public market debut on the New York Stock Exchange on July 30 under the ticker symbol “JMKE.”
The IPO had been priced at $23 U.S. per share. However, the stock began trading at $21 U.S. a share and finished the trading day at $21.63 U.S.
The company sold 43.5 million shares, raising $1 billion U.S. in proceeds and valuing the company at $7.3 billion U.S.
Management said they plan to use the proceeds from the share sale to repay debt and fund the company’s global expansion.
Jersey Mike’s has nearly 3,300 locations, making it the second-largest sandwich chain in the U.S. behind privately held Subway.
However, management has said that they see potential for 15,000 restaurants worldwide, half in the U.S. and half in international markets.
In its IPO prospectus, Jersey Mike’s reported net income of $55 million U.S. and revenue of $724 million U.S. for 2025. Same-store sales grew 3% year-over-year.
The disappointing debut for JMKE stock was attributed to a difficult operating environment for restaurants, with cash-strapped consumers eating out less often.
The restaurant industry has seen traffic and sales weaken, sending stocks of companies such as McDonald’s (MCD) down more than 10% this year.
Still, Jersey Mike’s was the largest IPO for a U.S. restaurant chain in nearly five years and was the biggest non-tech market debut so far in 2026.
Jersey’s Mike’s debut also comes a month after the blockbuster June IPO of Elon Musk’s SpaceX (SPCX), which raised a record $85.7 billion U.S.
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