Jersey Mike's Subs, the sandwich chain backed by Blackstone, has filed for an initial public offering, seeking to capitalize on a rebound in the United States IPO market.
The company plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol ‘JMKE.’ The offering remains subject to market and other conditions, and there is no assurance regarding its timing or completion.
Morgan Stanley (NYSE:MS), Jefferies, and JP Morgan are serving as global coordinators and joint bookrunning managers for the proposed transaction.
Jersey Mike's operates more than 3,300 locations across all 50 US states and two international markets, with approximately 99% of its restaurants operated by franchisees.
As of June 30, 2026, the company reported a development pipeline of more than 1,600 additional stores, with over 90% of those projects led by existing franchise owners.
According to its filing, the company sees significant room for expansion in the US, estimating the potential to grow to approximately 7,500 domestic locations. Internationally, Jersey Mike's has partnered with founder and former CEO Peter Cancro to develop 300 stores in the UK and Ireland as part of a long-term goal of reaching approximately 15,000 locations globally.
Earlier reports indicated the company is seeking a valuation of at least $12 billion and expects to raise more than $1 billion through the IPO.
Jersey Mike's highlighted several business metrics in its filing, including a systemwide average unit volume of approximately $1.4 million in fiscal 2025, an asset-light franchised operating model, and continued growth in its digital platform. Its MyMike's loyalty program surpassed 12.5 million active members in 2025.
The company also reported that franchisees generated an average store sales-to-investment ratio of 2.6 times and cash-on-cash returns of approximately 42% during fiscal 2025.