Jersey Mike's Subs priced its Initial Public Offering (IPO) at $23.00 per share, which was the mid-point of its projected price range of $21.00 to $25.00. The company sold 43.48 million shares, successfully raising $1 billion in its offering. Jersey Mike's Class A common stock began trading on the New York Stock Exchange (NYSE) on July 30, 2026, under the ticker symbol "JMKE." The offering is expected to officially close on July 31, 2026, subject to standard closing conditions.
The sandwich chain is targeting a valuation of up to $7.94 billion in the U.S. IPO. The company plans to use $295 million of the IPO proceeds to repay existing debt, with the remainder allocated for general corporate purposes. It will not receive any proceeds from the sale of shares by existing stockholders.
For the fiscal year ending December 31, 2025, Jersey Mike's reported revenue of $724 million and a net income of $55 million. This is a significant improvement from 2024, which saw $5 million in net income on $653 million in revenue. The company also generated system-wide sales of $4.3 billion in 2025, a 13% increase from the prior year. Same-store sales grew a cumulative 50% between 2020 and 2025, marking 20 consecutive years of positive growth.
Blackstone, the private equity firm that acquired a majority stake in Jersey Mike's for approximately $8 billion in 2025, remains the controlling shareholder. In early 2026, Jersey Mike's borrowed $760 million through a whole business securitization, partly used to refinance debt and fund a dividend payment to Blackstone. The IPO proceeds will help repay a portion of these bonds, effectively allowing public-market investors to partly refinance Blackstone's exit liquidity. Jersey Mike's aims to expand significantly, with plans for up to 15,000 locations globally and over 1,600 stores in its development pipeline, including 700 international sites.
Morgan Stanley, Jefferies, and J.P. Morgan served as global coordinators and joint book-running managers for the offering, with Barclays and Guggenheim Securities also acting as co-global coordinators. A total of 18 investment banks were involved as book-runners. The underwriters also have an option for 30 days to purchase up to an additional 6.5 million shares to cover any over-allotments.
