Jersey Mike’s Subs and its backers, including asset manager Blackstone, are aiming to raise as much as $1.09 billion in an initial public offering – possibly clinching a market cap of nearly $8 billion.
The Tinton Falls, NJ-based chain of sub shops plans to debut on the stock market with roughly 43.5 million shares for $21 to $25 each, according to a Monday filing with the Securities and Exchange Commission.
That includes about 29.7 million shares from Blackstone, which took a majority stake in Jersey Mike’s last year, and Abu Dhabi Investment Authority.
At the top end of the range, Jersey Mike’s – which was recently named America’s favorite fast-food chain – would hit a market value of nearly $8 billion based on the outstanding shares listed in the filing.
The second-largest sub sandwich chain in the world is racing to join the flood of new listings on US exchanges, despite a relatively weak market for food and beverage companies’ IPOs.
The S&P 1500 Restaurants Index is down about 2.2% so far this year, underperforming the S&P 500’s 8.9% rise, as restaurants struggle to win back inflation-battered customers amid sticky inflation.
In 2025, Jersey Mike’s revenue rose roughly 11% to $724 million while adjusted earnings before interest, taxes, depreciation and amortization came in at $339 million, above the previous year’s $263 million, according to filings.
The chain is best known for its made-to-order subs and “Mike’s Way” sandwiches, which are topped with onions, lettuce, tomatoes, oil, vinegar and spices.
After the Blackstone investment last year, Jersey Mike’s brought in former Wingstop CEO Charlie Morrison to lead the company, replacing longtime chief Peter Cancro as he moved into the chairman role.
Cancro started Jersey Mike’s as a modest deli on the Jersey Shore when he was 17 years old, growing it over 50 years to more than 3,300 locations across the US and Canada. The company also plans to open a few hundred stores in the UK and Ireland.
Under Cancro’s leadership, Jersey Mike’s has generated about $3.3 billion in sales and around 20 straight years of same-store sales growth.
Following the IPO, Blackstone affiliates will hold the majority of voting power for the election of Jersey Mike’s directors.
In its deal last year, Blackstone valued the company at roughly $8 billion, including debt.
Morgan Stanley, Jefferies Financial Group and JPMorgan Chase are leading the initial public offering.
Jersey Mike’s is expected to list on the New York Stock Exchange under the ticker symbol JMKE.
The company has not yet announced a date for the IPO.