Sandwich chain Jersey Mike’s said on Monday it had confidentially filed for a U.S. initial public offering, adding to a flurry of companies advancing listing plans as markets hover near record highs.
The spring IPO market is seeing a pickup in activity, with several sizable deals pricing after a brief March lull, as volatility linked to the Middle East conflict and a tech sell-off triggered by fears of AI disruption weighed on sentiment.
The benchmark S&P 500 and the tech-heavy Nasdaq rallied to their third record close in a row on Friday, while the blue-chip Dow marked its highest finish since late February.
IPOs typically gain traction in periods of stable market conditions, as lower volatility and clearer pricing give companies and investors the confidence to proceed with new listings.
Jersey Mike’s did not disclose details of the offering. However, Bloomberg News had reported earlier this year, citing sources, that the sandwich chain could seek to raise more than US$1-billion at a valuation of at least US$12-billion.
The company operates a fast-casual sub sandwich franchise with more than 3,000 locations across the U.S.