Jersey Mike's Subs, the Tinton Falls, New Jersey-based sandwich chain, and its selling stockholders are aiming to raise up to $1.09 billion through their initial public offering (IPO) in the United States. This will involve offering 43.5 million shares of Class A common stock, with a price range set between $21 and $25 per share. The company anticipates a valuation of up to $7.94 billion in this offering, making it potentially one of the largest restaurant IPOs in recent years, exceeding the valuations of Cava ($2.5 billion in 2023) and Sweetgreen ($3 billion in 2021).
Jersey Mike's has applied to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol "JMKE." The company has begun marketing its IPO to potential investors, with a target debut on July 30, subject to final pricing and market conditions. Morgan Stanley, Jefferies, J.P. Morgan, Goldman Sachs, Barclays, and Guggenheim Securities are among the financial institutions managing the offering. The underwriters also have the option to purchase up to 6.5 million additional shares within 30 days after the offering.
The IPO comes after Jersey Mike's confidentially filed in April and publicly filed earlier this month. The company was acquired by private equity firm Blackstone for approximately $8 billion last year, which planned significant domestic and international expansion. Jersey Mike's currently boasts about 3,300 locations and has a development pipeline of over 1,600 new stores, including at least 700 international sites in Canada, the United Kingdom, and Ireland. The chain, known for its submarine sandwiches and founded in 1956, is now the second-largest sandwich chain after Subway and reported over $4 billion in systemwide sales last year.
