Jersey Mike's Subs priced its IPO at $23 per share on Wednesday, raising $1 billion for the company and selling shareholders. The offering values the chain at $7.3 billion. The company sold about 13.8 million shares, raising $317 million, while Blackstone and other shareholders, like the Abu Dhabi Investment Authority, sold nearly 29.7 million shares.

The New Jersey-based sandwich chain had aimed to price the nearly 43.5 million Class A shares at $21 to $25 each. Underwriters have the option to buy another 6.5 million shares. Blackstone inked an $8 billion deal for a majority stake in the sub chain in November 2024.

Simpson Thacher is advising Jersey Mike's on the IPO, while Davis Polk is advising the underwriters, which include Morgan Stanley, Jefferies and J.P. Morgan. Jersey Mike's plans to start trading Thursday on the NYSE under the ticker symbol "JMKE".