New Delhi, July 29 -- NEW YORK - Jersey Mike's Subs set an initial public offering price range of $21 to $25 per share Wednesday, drawing demand ten times the number of shares on offer as investors crowded into a debut that would value the Blackstone-backed sandwich chain at more than $12 billion on the New York Stock Exchange under the ticker JMKE.

The offering covers 43.5 million shares, of which nearly 30 million are being sold by existing shareholders, primarily Jersey Mike's private equity owner Blackstone, which acquired the chain in January 2025. At the midpoint of $23 per share, the deal would raise roughly $1 billion for selling shareholders, with Blackstone retaining approximately 17 percent of the company after the offering. A...