Jersey Mike's Subs Inc. and its selling stockholders are looking to raise $1.09 billion in their initial public offering (IPO) of Class A common stock. The company has applied to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol "JMKE." The IPO is expected to price between $ and $ per share of Class A common stock, though specific numbers of shares on offer and exact price ranges have yet to be disclosed. This IPO follows Blackstone's acquisition of a majority stake in Jersey Mike's in late 2024 at an $8 billion valuation, with reports indicating the company was seeking over $1 billion from the IPO at a valuation of at least $12 billion.
Blackstone, the private equity firm, will continue to hold a majority of the combined voting power after the offering, making Jersey Mike's a "controlled company" under NYSE corporate governance standards. Proceeds from the offering, net of underwriting discounts and commissions, will be used by Jersey Mike's Subs to acquire newly issued Common Units from Jersey Mike’s HoldCo, LLC. Jersey Mike’s Holdings will then use these funds for debt repayment, general corporate purposes, and to cover IPO expenses. Notably, the company took on $760 million in debt earlier in 2026 to refinance existing borrowings from 2019 and 2021, and to fund a dividend payout to Blackstone.
Jersey Mike's has demonstrated strong financial and operational metrics, with systemwide sales reaching $4.3 billion in 2025, a 13% increase from the previous year. Adjusted EBITDA for 2025 was reported between $327 million and $339 million. The company boasts more than 3,300 locations across the U.S. and Canada, with approximately 99% being franchisee-operated, an asset-light model that generates robust unit economics. Cumulative same-store sales growth from 2020 to 2025 was 50%, and the average unit volume is about $1.4 million. The company aims for significant future expansion, targeting around 7,500 domestic locations and a long-term global goal of 15,000 stores.
Leadership changes include Charlie Morrison, former CEO of Wingstop, taking over as CEO, with Michele Allen appointed as CFO. Founder Peter Cancro now personally controls master franchise rights for up to 300 locations in the UK and Ireland. The IPO is underwritten by Morgan Stanley, Jefferies, and JPMorgan. This move marks the first restaurant IPO since Black Rock Coffee Bar's offering in September, highlighting Blackstone's strategy to exit some of its top-performing portfolio companies.
