Jersey Mike's Subs Inc. has publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) for its initial public offering of Class A common stock. The company intends to list its shares on The New York Stock Exchange (NYSE) under the ticker symbol "JMKE." The number of shares to be sold and the initial price range for the offering have not yet been determined, but sources indicate a target valuation of at least $12 billion and a goal to raise more than $1 billion.
Blackstone, the private equity firm that acquired a majority stake in Jersey Mike's in late 2024 at an $8 billion valuation, will retain a majority of the voting power post-IPO. This makes Jersey Mike's a "controlled company" under NYSE standards, allowing it to forgo certain corporate governance requirements. Proceeds from the IPO for Jersey Mike's Subs Inc. itself will be used to acquire newly issued Common Units from Jersey Mike's HoldCo, LLC, which will then use the funds for debt repayment, general corporate purposes, and covering IPO expenses. Selling stockholders will also offer shares, from which the company will not receive any proceeds.
The IPO comes as Jersey Mike's has shown strong financial performance. In 2025, systemwide sales reached $4.3 billion, a 13% increase from the prior year's $3.7 billion. Net income for 2025 was $55 million, a significant jump from $5 million in the previous year. Adjusted EBITDA reached $339 million in 2025, up nearly 29% from 2024. The company also boasts a cumulative 50% increase in same-store sales between 2020 and 2025, and consistently strong unit economics for its largely franchised model, with average unit volume at about $1.4 million and cash-on-cash returns of approximately 42% for franchisees.
Key underwriters for the offering include Morgan Stanley, Jefferies, and J.P. Morgan as global coordinators and joint bookrunning managers, with Barclays and Guggenheim Securities also serving as co-global coordinators. Several other major financial institutions are acting as joint bookrunning managers. The filing also disclosed that a portion of the proceeds from earlier debt financing, including a $760 million securitization in 2026, was used to fund a dividend payout to Blackstone and refinance existing borrowings. Related-party transactions, including significant compensation to family members of founder Peter Cancro, were also noted in the prospectus.
