Jersey Mike’s files for IPO; sees ‘substantial’ runway for U.S. expansion
Jersey Mike's Subs Inc. is getting ready to go public on the heels of 50% same-store sales gains.
The fast-growing, New Jersey-based sub sandwich chain has filed a registration statement for an initial public offering, with the number of shares to be sold and the price range for the proposed offering not yet determined. It intends to trade on The New York Stock Exchange under the ticker symbol "JMKE.”
Jersey Mike’s, which was purchased by Blackstone Group in 2024 in a deal that valued the company at approximately $8 billion, said that the number of shares to be sold and the price range for the proposed offering not yet determined.
Jersey Mike's touted 50% cumulative same-store sales growth from 2020 to 2025 in its filing, with system sales (includes both company-owned and franchised locations) of $4.3 billion in 2025 and average-unit volumes approaching $1.4 million.
The company has approximately 3,300 stores across all 50 states and Canada. (Nearly all Jersey Mike's restaurants are franchised.) In January, it entered into a franchise agreement with founder and former CEO Peter Cancro to open 400 locations in the United Kingdom and Ireland.
Expansion
Jersey Mike’s also sees “considerable” opportunity to further grow its domestic store count, according to its filing.
“We believe we remain under-penetrated in all markets, providing substantial runway for growth,” the company stated. "We have a strong domestic development pipeline of over 1,600 stores across new and existing markets. Over 90% of the pipeline is being undertaken by existing franchise owners — a powerful signal of franchisee confidence in the model."
As of June 30, agreements have been signed for over 1,250 of these stores and the remaining are in active negotiation, the company said.
Jersey Mike's was founded in 1956 as Mike's Subs with one location in Point Pleasant, N.J. The company has been recognized as one of the fastest-growing fast-casual restaurant chains in America, ranking #1 on Entrepreneur's 2026 Franchise 500 and #6 on Yelp's 2025 List of Fastest Growing Brands.
