Jersey Mike’s (NYSE:JMKE) wraps up initial week close to IPO price, trading activity eases

Jersey Mike’s moved into Friday’s premarket following a disappointing initial session that wiped out roughly $435 million in equity value—more than the company’s total gross IPO proceeds. Core trading on the NYSE was scheduled to begin at 9:30 a.m. EDT.

Jersey Mike’s set its price at $23 per share for 43.48 million shares, aligning with the midpoint of its proposed range. The offering brings in $1 billion, assigning the sandwich company an approximate valuation of $7.3 billion. U.S. cash markets were active, but JMKE had not started trading.