Key Takeaways:
- Jersey Mike's filed for a US IPO on the NYSE under ticker "JMKE"
- The sandwich chain could raise more than $1 billion at a $12 billion valuation
- Same-store sales grew 3% in 2025, with cumulative growth of 50% in recent years
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Jersey Mike's files for IPO valued at up to $12 billion
Jersey Mike's filed for an initial public offering on Thursday, setting up a Wall Street debut that could raise more than $1 billion and value the Blackstone-backed sandwich chain at $12 billion or more.
"The IPO market has rebounded after a brief bout of volatility due to the US-Iran war, and many issuers who were on the sidelines are now going ahead with their listing plans," the company said in its filing with the US Securities and Exchange Commission, citing broader market conditions.
The Manasquan, New Jersey-based chain reported same-store sales growth of 3% in 2025, according to the regulatory filing, building on cumulative same-store sales growth of 50% in recent years. The company operates more than 3,300 locations across the US and Canada, up from a single sub shop Peter Cancro bought in Point Pleasant, New Jersey, in 1975 when he was 17 years old. Cancro began franchising the business in 1987.
Blackstone agreed in 2024 to acquire a majority stake in Jersey Mike's in a deal valued at about $8 billion, including debt. Founder Peter Cancro retained an equity stake and remains involved with the business. After the IPO, Blackstone-controlled entities will hold a majority of the company's combined voting power, making Jersey Mike's a controlled company under NYSE rules, according to reports citing the filing.
The company plans to open 400 stores in the UK and Ireland in partnership with Cancro, extending its footprint beyond North America. Proceeds from newly issued shares will be used to buy common units from Jersey Mike's HoldCo, which will then repay debt and fund general corporate purposes. Existing selling shareholders will receive proceeds from any shares they sell.
The IPO comes as US listings have recovered after a slower period. Second-quarter proceeds surpassed $100 billion, fueled by high-profile debuts including SpaceX's record-breaking $75 billion IPO. Morgan Stanley, Jefferies and J.P. Morgan are leading the offering, with Barclays, Guggenheim Securities, Goldman Sachs, BofA Securities, Evercore ISI, UBS and Wells Fargo also involved.
A successful debut would test investor appetite for large restaurant brands with franchise-heavy growth models. The quick-service restaurant sector has drawn investor interest as chains with strong unit economics and expansion potential command premium valuations. Jersey Mike's plans to list on the New York Stock Exchange under the ticker "JMKE."
This article is for informational purposes only and does not constitute investment advice.
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