Jersey Mike's, the second-largest hoagie sandwich chain in the U.S., has filed for an initial public offering (IPO) on the New York Stock Exchange under the ticker "JMKE." The company is looking to benefit from an improved IPO market sentiment, which has been boosted by recent major listings, including SpaceX. Blackstone, which acquired a majority stake in Jersey Mike's in late 2024 for an $8 billion valuation, aims to take the company public, reportedly seeking over $1 billion from the IPO at a valuation of at least $12 billion.
Jersey Mike's has demonstrated strong financial performance, reporting net income of $55 million on total revenue of $724 million in 2025, a significant jump from a net income of $5 million on revenue of $653 million in 2024. System sales, encompassing both company-owned and franchised locations, reached $4.3 billion in 2025, up 13% from the previous year. The company recorded 3% same-store sales growth in 2025, and cumulative same-store sales climbed 50% from 2020 through 2025, defying a broader industry trend of weakening sales as consumers dine out less.
Jersey Mike's has nearly 3,300 locations, with about 2,000 opened in the last decade, and nearly all are franchised. The company's revenue primarily comes from royalties and advertising fees. Charlie Morrison, formerly of Wingstop, took over as CEO after Blackstone's investment, with founder Peter Cancro retaining significant equity and a board seat. The IPO proceeds are intended, in part, to pay down a portion of the $760 million debt and fund a dividend payout to Blackstone. Morgan Stanley, Jefferies, and JPMorgan are the lead underwriters for the IPO.
