Jersey Mike's Subs, the sandwich chain with over 3,000 locations, confidentially submitted a filing with the US Securities and Exchange Commission for an initial public offering (IPO) on April 20, 2026. The Blackstone Inc.-backed company has not yet determined the number of shares to be offered or the price range for the proposed offering.
This confidential filing marks the initial step towards Jersey Mike's becoming publicly traded. The company is reportedly working with Morgan Stanley, JPMorgan Chase & Co., and Jefferies Financial Group Inc. and aims to complete a first-time share sale as soon as the third quarter of 2026. This comes over a year after Blackstone acquired a majority stake in the sandwich chain in a deal that reportedly valued the company at approximately $8 billion.
Jersey Mike's is currently the second-largest hoagie sandwich chain in the U.S., trailing only Subway. The company reported revenue of $309.8 million in 2025, an increase of 10.6% from the previous year. However, its net income for 2025 was $183.6 million, down from $238.8 million in the prior year. The IPO would be the first restaurant IPO since Black Rock Coffee Bar's offering in September.
The market for IPOs has been subdued, but there's anticipation for a change, with several significant offerings, such as SpaceX, expected in the coming months. Following the Blackstone deal, former Wingstop CEO Charlie Morrison took the helm at Jersey Mike's. Morrison has a proven track record, having led Wingstop through its own IPO and a period of substantial growth. Jersey Mike's founder Peter Cancro, who started working at a sandwich shop at age 14 in 1971 and later bought and franchised the chain, was the outright owner until the sale to Blackstone.
