Jersey Mike's Subs, a franchised sandwich chain with over 3,000 locations in the US, raised $1.0 billion by offering 43.5 million shares (68% secondary) at $23, within the $21 to $25 range.
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 will trade 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 acted as joint bookrunners on the deal.
