Jersey Mike's IPO sees 15 times demand for available shares

Investing.com -- Jersey Mike's Subs Inc.'s initial public offering received orders for about 15 times the number of shares available, Bloomberg reported Thursday.

The sandwich chain, backed by Blackstone Inc., priced its U.S. IPO Wednesday at $23 per share, at the midpoint of its indicated price range. The offering raised around $1 billion through the sale of approximately 43.5 million shares, valuing the restaurant chain at around $7.3 billion.

About 20% of accounts that placed orders for shares received no allocation, according to the report. Investors who did receive shares got significantly fewer than they ordered.

Anchor-size orders came primarily from long-only and sector-dedicated investors, the report said.

Jersey Mike's sold around 13.8 million shares in the offering, while current investors sold about 29.7 million shares.

Morgan Stanley, Jefferies Financial Group Inc., and JPMorgan Chase & Co. led the offering.

Shares are expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol JMKE.

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