Jersey Mike's has confidentially filed for an initial public offering (IPO), a move that comes less than two years after Blackstone, a private equity giant, acquired a majority stake in the sandwich chain. The original deal in 2024 valued Jersey Mike's at approximately $8 billion. Sources familiar with the matter indicate that the company is now targeting a valuation exceeding $12 billion in the IPO, with plans to raise around $1 billion. This filing marks a significant step towards Jersey Mike's becoming publicly traded, potentially being the first restaurant IPO since Black Rock Coffee Bar's offering in September 2025.
Charlie Morrison, the former CEO of Wingstop, was tapped to lead Jersey Mike's after the Blackstone acquisition. Morrison has experience guiding a restaurant chain through an IPO and a period of substantial growth. Jersey Mike's is the second-largest hoagie sandwich chain in the U.S. with over 3,000 locations nationwide, trailing only Subway. The company reported revenue of $309.8 million in 2025, an increase of 10.6% from the prior year, and net income of $183.6 million in 2025, which was down from $238.8 million the previous year. System sales reached $4.2 billion in 2025, an increase from $3.7 billion in 2024.
While the market for IPOs has been somewhat subdued, there's anticipation for several large offerings in the coming months. Jersey Mike's confidential filing does not guarantee an IPO will occur, as exemplified by Panera Bread's past attempts that did not materialize. However, the company is also looking at international expansion, with plans to open 400 stores in the UK and Ireland through a partnership with JM Submarines UK, led by founder Peter Cancro. The average unit volume for a Jersey Mike's franchise in 2025 was $1.37 million.
