Jersey Mike’s (JMKE) stock fell 5.7% in its first day of trading after the sandwich chain priced its initial public offering (IPO) at $23, hoping investors would be eager to get a bite.

The company, backed by Blackstone (BX) and the Abu Dhabi Investment Authority, offered more than 43 million shares, which opened at $21 each, raising $913 million and valuing the company at $7.3 billion. The stock is now officially listed under the ticker symbol “JMKE” on the New York Stock Exchange.

Blackstone took a majority stake in the chain in November 2024 and soon after tapped industry veteran and former Wingstop (WING) CEO Charlie Morrison to lead the company.

This public debut, one of the largest in the…