00:00It's Benzinga bringing Wall Street to Main Street.
00:02Jersey Mike's subs announced terms for an initial public offering that could value the sandwich
00:08chain at nearly $8 billion, according to the Wall Street Journal. The company plans to sell
00:14about 13.8 million shares priced between $21 and $25 each. Jersey Mike's expects net proceeds of
00:23roughly $301 million at the $23 midpoint. Existing investors also plan to sell about
00:2829.7 million our shares, bringing the total offering to nearly 43.5 million shares. The
00:36company would have more than 317.6 million shares outstanding after the IPO, implying a market
00:42capitalization of about $794 billion at the top of the range. Blackstone will retain about two-thirds
00:49of the company's voting power. Jersey Mike's, the second largest U.S. subsandwich chain by sales,
00:55has applied to list on the New York Stock Exchange under the symbol JMKE.
00:59For all things money, visit Benzinga.com.
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