Jersey Mike's Subs, a franchised sandwich chain with over 3,000 locations in the US, announced terms for its IPO on Monday.
The Tinton Falls, NJ-based company plans to raise $1.0 billion by offering 43.5 million shares (68% secondary) at a price range of $21 to $25. At the midpoint of the proposed range, Jersey Mike's Subs would command a fully diluted market value of $7.3 billion.
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.
Jersey Mike's Subs was founded in 1956 and booked $742 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol JMKE. 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. It is expected to price the week of July 27, 2026.
