00:00I mentioned that we're here to talk to you about IPOs, not data center related, not AI related,
00:05and maybe like a welcome reprieve. It's Jersey Mike. So what is the outlook for a company that's
00:10decidedly not, forgive the food pun, the hot flavor of the month, that it is something that's
00:14much more real world? You know, it's shaping up, Danny, I think, to be a bit of a hot consumer
00:18summer. If you put inside the fact that you have Jersey Mike's famous, you know, submarine sandwich
00:23maker going public on the same day, oh, sorry, pricing at shares on the same day as women's
00:27wear retailer, reformation backed by Pamira. I think it's kind of a nice contrast, given what
00:33we've seen this past month or two with SpaceX and SK Hynix. Clearly, IPOs are flavor of the month
00:39again, to use the food metaphor. But, you know, I think it's also a good chance for companies to get
00:45out ahead of the August lull. I don't think we'll see too much after these sort of two main ones
00:50to
00:50cap off this month. I think this this investment from Blackstone has been really interesting,
00:54maybe one because they get Danny DeVito as a spokesperson. So good on them. But also, I mean,
00:59they haven't been holding Jersey Mike's for very long as exiting this thing after less than two
01:03years, although I'm assuming they'll still have some control of it when they IPO. Seems like a pretty
01:07aggressive timeline. Yeah. I mean, they invested in 2024. They took the majority stake. I mean, I think
01:12it's just worth going through some of the numbers. So the offering is forty three point five million
01:15dollars. Forty three point five million shares. About twenty nine point seven million of those are
01:20being offered by Blackstone and audio who who participated in that twenty twenty four deal. I think
01:25it just goes to the fact that companies are really being encouraged to use those windows when they see
01:30them. We hear from bankers and lawyers and private equity firms all the time that you just have to be
01:34advantageous. Take your choose your spots. Pick your windows. And I think that's what Blackstone's doing here.
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