Jersey Mike’s Subs files for IPO, set for public market debut

Investing.com -- Jersey Mike’s Subs Inc., the sandwich chain backed by Blackstone Inc (NYSE: BX), filed for an initial public offering that would join a rebound in US listing activity. The company intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol "JMKE."

The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed. Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the proposed transaction.

Jersey Mike’s has more than 3,300 locations across all 50 states and two countries, nearly all of which are franchised. The company has a robust development pipeline of over 1,600 stores as of June 30, 2026, with over 90% of this pipeline being undertaken by existing franchise owners.

The company believes significant whitespace remains in the U.S. with the opportunity to open approximately 7,500 stores domestically. Internationally, it partnered with its founder and former Chief Executive Officer Peter Cancro to open 300 stores in the UK and Ireland, supporting a long-term global target of approximately 15,000 stores.

The chain is seeking a valuation of at least $12 billion in its IPO, which is anticipated to raise more than $1 billion, reports said earlier in the year. This valuation is supported by a systemwide average unit volume (AUV) of approximately $1.4 million in Fiscal 2025 and an asset-light, 99%-franchised business model.

The company's digital capabilities continue to expand, with its MyMike’s loyalty program growing to over 12.5 million active members in 2025. Franchise owners enjoy a compelling economic model featuring an average store sales-to-investment ratio of 2.6x and cash-on-cash returns of approximately 42% in Fiscal 2025.

After the completion of this offering, entities controlled by affiliates of Blackstone Inc. will hold a majority of the combined voting power of Jersey Mike’s shares eligible to vote for the election of directors. Jersey Mike’s was acquired by Blackstone last year for about $8 billion including debt.

The asset-light business model enabled the company to generate approximately $55 million of net income and $328 million of adjusted EBITDA less capital expenditures in 2025.

The company is led by Chief Executive Officer Charlie Morrison, who previously served as CEO of Wingstop for approximately 10 years. He is supported by Chief Financial Officer Michele Allen, a seasoned public company executive who brings over 25 years of hospitality and franchising experience.

The broader leadership group combines deep institutional knowledge of the brand with extensive functional expertise in corporate restaurant operations. This executive suite is aligned to execute the multi-pronged domestic and international expansion strategies outlined in the registration statement.

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