Investing.com -- Jersey Mike's Subs Inc.'s initial public offering has received institutional investor orders for more than 10 times the number of shares available, Bloomberg reported Monday.

The Blackstone Inc.-backed submarine sandwich chain has drawn substantial orders from long-only investors, according to the report.

The company will stop accepting orders from investors at 4 p.m. in New York on Tuesday, the report said. The IPO is on track to price after the market closes in New York on Wednesday.

Shares are set to begin trading on the New York Stock Exchange on July 30 under the ticker symbol JMKE.

Jersey Mike's plans to raise up to $1.09 billion through the offering of 43.5 million shares priced between $21 and $25 each, which would give the company a valuation of nearly $8 billion.

Morgan Stanley, Jefferies Financial Group Inc., and JPMorgan Chase & Co. are among the banks working on the offering.