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# Jersey Mike's Slices Into Wall Street
- URL: https://www.theinvestorsociety.com/jersey-mikes-slices-into-wall-street/
- Published: 2026-07-31T12:57:44.000Z
- Updated: 2026-07-31T12:57:44.000Z
- Author: Jose Kont
- Tags: The Daily Dealflow

Hi, and welcome to a new edition of [The Daily Dealflow](https://www.theinvestorsociety.com/tag/the-daily-dealflow/) — the 5-minute briefing that gives you clear context on capital flows and market-moving trends across the Americas, from Silicon Valley's garages to Buenos Aires' cafés. Let's dive in.

## 🏆 Deal of the Day

Blackstone-backed Jersey Mike's priced its IPO at $23 a share on the NYSE (ticker: JMKE), raising roughly $1 billion and valuing the sandwich chain at $7.3 billion in one of the largest restaurant listings on record — [CNBC](https://www.cnbc.com/2026/07/30/jersey-mikes-ipo-jmke-starts-trading-on-the-new-york-stock-exchange.html?ref=theinvestorsociety.com).

**Why This?:** The debut is a live test of investor appetite for consumer and restaurant IPOs, and a signal of how private equity plans to exit its post-pandemic restaurant bets across the Americas.

**Positive Context:**

- Morgan Stanley, Jefferies and J.P. Morgan anchored the book as global coordinators, with the $23 price landing at the midpoint of Jersey Mike's $21–$25 range.
- Melius Research initiated coverage with a buy rating and $30 target, noting Jersey Mike's generates over 40% of Subway's U.S. sales with just 15% as many stores.

**Yes, but:**

- Shares opened at $21, below the offer price, and traded down as much as 8.7% intraday — a rocky welcome for Blackstone's exit.
- Of the 43.5 million shares sold, only 13.8 million were primary, meaning most proceeds went to existing shareholders cashing out rather than the company itself.

**Zoom in:** The IPO ranks among 2026's largest restaurant listings even as the broader IPO market stays choppy, underscoring how selective investors have become.

> **"\[Domino's\] decade of gains against Pizza Hut, Papa John's and others"** is the comparison Melius drew for Jersey Mike's opportunity — Jacob Aiken-Phillips, [CNBC](https://www.cnbc.com/2026/07/30/jersey-mikes-is-about-to-go-public-one-analyst-says-buy-the-sandwich-chain.html?ref=theinvestorsociety.com).

![“Money is an instrument of change” — Chamath Palihapitiya.](https://storage.ghost.io/c/40/72/4072b0a5-dd13-4755-b3a4-f7b56403df30/content/images/2026/07/chamat.png)

“Money is an instrument of change” — [Chamath Palihapitiya](https://www.linkedin.com/in/chamath/?ref=theinvestorsociety.com).

## 💰 Venture Capital

Simile (US) – $200M, Series B, "agentic twin" platform that simulates real consumers for market research and product testing, at a $2B valuation – [TechCrunch](https://techcrunch.com/2026/07/30/synthetic-user-startup-simile-raises-200m-at-2b-valuation-5-months-after-100m-series-a/?ref=theinvestorsociety.com).

Runflow (Brazil) – R$7M (\~$1.3M), pre-seed, governance and orchestration platform that manages AI agents deployed inside enterprises – [Startupi](https://startupi.com.br/runflow-capta-r-7-milhoes/?ref=theinvestorsociety.com).

Commonwealth Fusion Systems (US) – $1B, growth equity round, fusion-energy developer racing to commercialize its SPARC demonstration reactor and Virginia grid-scale power plant, lifting total capital raised to $4B – [PR Newswire](http://www.prnewswire.com/news-releases/commonwealth-fusion-systems-raises-another-1-billion-bringing-total-capital-raised-to-4-billion-302837638.html?ref=theinvestorsociety.com).

Dili (US) – $15M, Series A ($21.7M total raised), AI compliance-automation platform for federally funded infrastructure and construction projects – [GlobeNewswire](https://www.manilatimes.net/2026/07/31/tmt-newswire/globenewswire/dili-raises-217m-from-khosla-ventures-to-bring-ai-powered-assurance-to-americas-infrastructure-boom/2395412?ref=theinvestorsociety.com).

![Once ranked as the world’s 4th-most valuable bank after its merger, HDFC Bank now ranks 27th with a market cap of just $123B.](https://storage.ghost.io/c/40/72/4072b0a5-dd13-4755-b3a4-f7b56403df30/content/images/2026/07/Screenshot-2026-07-31-at-6.40.52---AM-1.png)

Once ranked as the world’s 4th-most valuable bank after its merger, HDFC Bank now ranks 27th with a market cap of just $123B.

## 🏛️ Private Equity

Intercontinental Exchange (US) – $5.7B, merger, agreed to acquire fixed-income trading platform MarketAxess in an all-cash deal at a 33% premium – [CNBC](https://www.cnbc.com/2026/07/30/intercontinental-exchange-to-buy-marketaxess.html?ref=theinvestorsociety.com).

Okta (US) – \~$200M, acquisition, buys AI identity-security startup Permiso to guard against threats from autonomous AI agents – [TechCrunch](https://techcrunch.com/2026/07/30/okta-buys-ai-security-startup-permiso-source-says-for-about-200m/?ref=theinvestorsociety.com).

eBay (US) – $1.2B, acquisition, completes its purchase of C2C fashion resale marketplace Depop from Etsy – [PR Newswire](https://www.prnewswire.com/news-releases/ebay-completes-acquisition-of-depop-302838943.html?ref=theinvestorsociety.com).

## 📈 Public & Capital Markets

![Opening Market Figures, Friday July 31, 2026.](https://storage.ghost.io/c/40/72/4072b0a5-dd13-4755-b3a4-f7b56403df30/content/images/2026/07/Screenshot-2026-07-31-at-6.42.52---AM.png)

Opening Market Figures, Friday July 31, 2026.

Jersey Mike's (US) – $1B, IPO, Blackstone-backed sandwich chain debuts on the NYSE (JMKE) at $23/share, valuing the company at $7.3B – [CNBC](https://www.cnbc.com/2026/07/30/jersey-mikes-ipo-jmke-starts-trading-on-the-new-york-stock-exchange.html?ref=theinvestorsociety.com).

Catalyst Acquisition Corp (US) – $200M, SPAC IPO, announces the closing of its initial public offering – [Value Add VC](https://valueaddvc.com/pulse/catalyst-acquisition-corp-200-million-spac-2026?ref=theinvestorsociety.com).

## 💼 Marketplace

- **Investor** at Village Global (SF) — [***Apply →***](https://www.villageglobal.com/careers/investor?utm%5Fsource=substack&utm%5Fmedium=email)
- **Head of Venture Investing** at Vanguard (Malvern, PA) — [***Apply →***](https://www.linkedin.com/jobs/view/4443715956/?utm%5Fsource=substack&utm%5Fmedium=email)
- **Director** at Nationwide Ventures (Columbus, OH) — [***Apply →***](https://www.linkedin.com/jobs/view/4440139496/?utm%5Fsource=substack&utm%5Fmedium=email)
- **Principal** at Alumni Ventures (NYC) — [***Apply →***](https://www.linkedin.com/jobs/view/4440544874/?trk=eml-email%5Fjobs%5Ffacet%5Fsuggestions-JOBS%5FPOSTING%5FSECTION%5F1-0-job%5Fcard%5F0%5Fjobid%5F4440544874%5Fsectionid%5F272001%5Ffmid%5F8u9yka~mrwi12an~6u&refId=1Z%2BSkPDs%2BBUaf0L3Z2Efxw%3D%3D&trackingId=7UiCSydkGu90bjVLmQXxxw%3D%3D&utm%5Fsource=substack&utm%5Fmedium=email)
- **Chief of Staff** at Sound Ventures (Los Angeles, CA) — [***Apply →***](https://jobs.ashbyhq.com/sound-ventures/d61ab917-ba5d-4fd2-9486-8d8944619bb6?utm%5Fsource=substack&utm%5Fmedium=email)
- **Head of Ops, Finance, & Legal** at Startup Role (TBD) — [***Apply →***](https://airtable.com/appOrLAk0WsRMd6rg/pag0lAgRgRLTEUAeS/form?ref=theinvestorsociety.com)
- **VP of Finance** at Startup Role (TBD) — [***Apply →***](https://www.linkedin.com/posts/adeoressi%5F130k-to-185k-remote-job-opportunity-share-7481164155274571776-V0ml/?ref=theinvestorsociety.com)
- **Investment Associate** at Teacher's Pension Plan (USA) — [***Apply →***](https://otppb.wd3.myworkdayjobs.com/OntarioTeachers%5FCareers/job/San-Francisco-USA/Investment-Associate--Teachers--Venture-Growth%5F6962?ref=theinvestorsociety.com)
- **Principal** at Alumni Ventures (USA) — [***Apply →***](https://www.linkedin.com/jobs/view/4440544874/?ref=theinvestorsociety.com)
- **AVP, Financial Engineering** at HSBC Ventures (USA) — [***Apply →***](https://portal.careers.hsbc.com/careers?pid=563774611166856&domain=hsbc.com&sort%5Fby=relevance&ref=theinvestorsociety.com)
- **Investor** at Pear VC (SF) — [***Apply →***](https://jobs.ashbyhq.com/Pear-VC/2f2003fe-fd72-48b8-94a5-885a33d65b3e?ref=theinvestorsociety.com)

*See you monday,*

[***Jose Kont***](https://www.linkedin.com/in/jose-kont/?ref=theinvestorsociety.com)  
*The human behind The Investor Society.*

*Submit a deal for The Daily Dealflow newsletter via DM* [*here on LinkedIn*](https://www.linkedin.com/company/theinvestorsociety/?ref=theinvestorsociety.com)*.*