Jersey Mike's and its existing shareholders are seeking to raise up to $1.09 billion through their initial public offering in the United States. The sandwich chain, backed by Blackstone Inc., plans to sell 14.5 million shares, while selling stockholders will offer 38.3 million shares. The IPO is expected to price between $19 and $21 per share on the New York Stock Exchange under the ticker "JMKE."
At the top end of the proposed price range, the offering could value Jersey Mike’s at approximately $12.4 billion. Blackstone, which acquired a majority stake in late 2024 valuing the company at about $8 billion, would remain the controlling shareholder after the IPO. The company reported net income of $55 million on total revenue of $724 million in 2025, with systemwide sales reaching $4.3 billion. Cumulative same-store sales grew 50% from 2020 to 2025.
Proceeds from the IPO for Jersey Mike's will be used for debt repayment, general corporate purposes, and to cover offering expenses. Selling stockholders will receive proceeds from their portion of the shares. The lead underwriters for the offering are Morgan Stanley, Jefferies, and JPMorgan. This IPO follows a period of significant growth for Jersey Mike's, which has expanded to nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the US.
