Jersey Mike's Subs Inc. is preparing for an initial public offering (IPO) on the New York Stock Exchange (NYSE), with investor demand reportedly outstripping supply by a significant margin.

According to people familiar with the matter, demand for the sandwich chain's IPO is more than 10 times oversubscribed, meaning investors have bid for over 10 times the number of shares available.

The strong demand comes ahead of the expected pricing of the IPO on Wednesday.