Jersey Mike's Sets IPO Terms

It's been Zynga bringing Wall Street to Main Street. Jersey Mike's subs announced terms for an initial public offering that could value the sandwich chain at nearly $8 billion, according to the Wall Street Journal. The company plans to sell about 13.8 million shares, priced between $21 and $25 each. Jersey Mike's expects net proceeds of roughly $301 million at the $23 midpoint. Existing investors also plan to sell about 29.7 million R shares, bringing the total offering to nearly 43.5 million shares. The company would have more than 317.6 million shares outstanding after the IPO, implying a market capitalization of about $7.94 billion at the top of the range. Blackstone will retain about two-thirds of the company's voting power. Jersey Mike's, the second-largest U.S. subsandwich chain by sales, has applied to list on the New York Stock Exchange under the symbol JMKE. For all things money, visit Benzinga.com.