Jersey Mike's Subs made its public market debut Thursday on the New York Stock Exchange, with shares falling roughly 6% on their first day of trading after the sandwich chain priced its initial public offering at $23 a share the night before. Jersey Mike's sold 43,478,261 Class A shares, raising approximately $1 billion and valuing the company at $7.3 billion — making it the largest restaurant-sector IPO since Krispy Kreme's $500 million offering in 2021. Jersey Mike's said it intends to use proceeds from the issuance of 13,782,609 shares to repay existing debt and for general corporate purposes; the company will not receive proceeds from shares sold by existing stockholders. Jersey Mike's operates nearly 3,300 locations across the United States and Canada, with franchisees running 99.2% of stores. Jersey Mike's debut arrives amid a broader rebound in the IPO market following a period of volatility tied to the U.S.-Iran war.