Jersey Mike’s stock falls 2% after NYSE debut despite $1 billion IPO

Jersey Mike’s stock fell about 2% to $21 per share after its NYSE debut under the ticker 'JMKE', below its IPO price of $23.

The IPO raised $1 billion, valuing Jersey Mike’s at $7.3 billion, one of the largest amounts for a restaurant company.

Jersey Mike’s operates nearly 3,300 US restaurants and is the second-largest hoagie chain after Subway, with $724 million revenue and $55 million net profit last year.

CEO Charlie Morrison noted customers are 'a little higher income' and same-store sales grew 3%, driven by transaction growth.

The company plans ambitious global expansion, using a franchise model that requires less capital investment.