Jersey Mike’s launches IPO, aims to raise up to $1.09 billion
Jersey Mike’s Subs Inc. is going public amid plans to keep expanding at home as it also grows its brand abroad.
The fast-growing sub sandwich restaurant chain has launched an initial public offering for 43,478,261 shares of its Class A common stock, priced between $21 and $25 each as it aims to raise up to $1.09 billion. Jersey Mike’s, which plans to list on the New York Stock Exchange under the ticker symbol "JMKE," is targeting a valuation of up to $7.94 billion.
The company 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.
Jersey Mike's, which was purchased by Blackstone Group in 2024, 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.
[READ MORE: Former Wingstop CEO to lead Jersey Mike's]
Expansion
Jersey Mike’s 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."
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.
Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the proposed offering. Barclays and Guggenheim Securities are acting as co-global coordinators and joint bookrunning managers.
BofA Securities, Goldman Sachs & Co. LLC, Evercore ISI, UBS Investment Bank, Baird, Wells Fargo Securities, William Blair, RBC Capital Markets, Deutsche Bank Securities, Wolfe | Nomura Alliance, Piper Sandler, Raymond James, Stifel, TD Securities, BTIG, Mizuho, Societe Generale, and Truist Securities are acting as joint bookrunning managers for the proposed offering. Blackstone, PJT Partners, Rabo Securities, Loop Capital Markets, Tigress Financial Partners, Academy Securities, Drexel Hamilton, Penserra Securities LLC, Roberts & Ryan, and Telsey Advisory Group are acting as co-managers.
