Jersey Mike's has filed confidentially with the SEC for an IPO
The Blackstone-backed sandwich chain is targeting a valuation of at least $12 billion and hopes to list as soon as the third quarter
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Jersey Mike's Subs has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission, the company said Monday.
In a statement, the company said it has not yet set the price range or the number of shares it plans to offer. According to Bloomberg, Morgan Stanley $MS, JPMorgan $JPM Chase, and Jefferies Financial Group are advising on the deal, with a third-quarter listing on the table.
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People familiar with the matter told Bloomberg the company has set its sights on a valuation exceeding $12 billion and aims to bring in upward of $1 billion through the offering, though both figures remain subject to change.
Blackstone acquired a majority stake in Jersey Mike's early last year for about $8 billion including debt. The chain has more than 3,000 locations and is the second-largest hoagie sandwich chain in the U.S., trailing only Subway.
Franchise disclosure documents show the chain brought in $309.8 million in revenue last year, a 10.6% increase over 2024, while net income fell to $183.6 million from $238.8 million the year before.
Once the acquisition was finalized, Charlie Morrison — who spent ten years running Wingstop, overseeing its public debut along the way — was named to lead Jersey Mike's.
At 14, Cancro took a job at a sandwich shop along the Jersey Shore in 1971; by 1975, he had scraped together the funds to buy the Point Pleasant, New Jersey location that would become the first Mike's Subs. Cancro built the business over roughly five decades, eventually stepping into a chairman role. In January, Jersey Mike's said it had partnered with Cancro to open 400 stores in the U.K. and Ireland.
A completed offering would make Jersey Mike's the first restaurant chain to go public since Black Rock Coffee Bar's September debut, CNBC noted.