Jersey Mike's Subs, a franchised sandwich restaurant chain with over 3,000 locations, filed on Thursday with the SEC to raise up to what we estimate could be $1 billion in an initial public offering.
Backed by Blackstone, Jersey Mike's is a fast-casual sub sandwich chain known for fresh-sliced meats and cheeses, bread baked in-store daily, and produce prepped on-site rather than pre-packaged. The company has grown to roughly 3,300 locations across the US, the vast majority run by independent franchise owners, alongside a small number of company-owned stores. Revenue comes primarily from royalties and advertising fees tied to systemwide sales, with company-owned store sales making up a smaller share. Jersey Mike's has also begun expanding internationally, including recent development agreements in the UK and Ireland.
The Tinton Falls, NJ-based company was founded in 1956 and booked $714 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol JMKE. Jersey Mike's Subs filed confidentially on April 10, 2026. Morgan Stanley, Jefferies, J.P. Morgan, Barclays, Guggenheim Securities, BofA Securities, Goldman Sachs, Evercore ISI, UBS Investment Bank, Baird, Wells Fargo Securities, William Blair, RBC Capital Markets, Deutsche Bank, WR Securities, Nomura Securities, Piper Sandler, Raymond James, Stifel, TD Securities, BTIG, Mizuho Securities, Societe Generale, and Truist Securities are the joint bookrunners on the deal.
