Jersey Mike’s Subs Inc.’s initial public offering (IPO) is reportedly 10 times oversubscribed, indicating robust demand from institutional investors ahead of its pricing on Wednesday. This significant interest means that funds like hedge funds and pensions have placed orders for more than ten times the shares available for sale.

Shares of the submarine sandwich chain are slated to commence trading on the New York Stock Exchange on July 30 under the ticker symbol "JMKE." The IPO price is expected to be finalized after market close on July 29. Currently owned by private equity firm Blackstone, Jersey Mike’s is seeking to raise up to $1.09 billion by offering 43.5 million shares at a price range of $21 to $25, potentially valuing the company at nearly $8 billion.

Led by Morgan Stanley and JPMorgan Chase, this IPO is notable as one of the largest from a non-technology company in recent years. The strong demand comes as investor interest shifts away from some AI-related stocks due to concerns about high valuations and capital expenditures. Founded in 1956, Jersey Mike’s operates over 3,500 shops across North America.