Jersey Mike’s Subs has filed for an initial public offering, setting up a potential Wall Street debut for one of the largest U.S. sandwich chains and giving Blackstone a path to bring its recent investment into the public markets.
The company plans to list on the New York Stock Exchange under the ticker “JMKE,” according to Investing.com.
Jersey Mike’s has not yet disclosed how many shares it plans to sell or the expected price range. But back in April, the chain confidentially submitted paperwork for an IPO that Reuters reported could raise more than $1 billion and value the Blackstone-backed sandwich chain at more than $12 billion.
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Blackstone agreed in 2024 to acquire a majority stake in Jersey Mike’s in a deal Reuters reported was valued at about $8 billion, including debt. Founder Peter Cancro retained an equity stake and remained involved with the business.
The IPO would come as US listings have begun to recover after a slower period for new offerings. A successful debut would test investor appetite for large restaurant brands with franchise-heavy growth models.
Jersey Mike’s has grown from a single New Jersey sub shop into a national chain with thousands of locations. The company has also been pursuing expansion beyond the US, including planned growth in Canada, the UK, and Ireland.
The filing indicates that proceeds from newly issued shares would be used to buy common units from Jersey Mike’s HoldCo, which would then use the money for debt repayment and general corporate purposes. Existing selling shareholders would receive proceeds from any shares they sell.
Blackstone is expected to remain a major power center after the IPO. Reports citing the filing said Blackstone-controlled entities would hold a majority of the company’s combined voting power after the offering, making Jersey Mike’s a controlled company under NYSE rules.
The company has lined up a large group of banks for the offering. Morgan Stanley, Jefferies and J.P. Morgan are among the lead banks, with Barclays, Guggenheim Securities, Goldman Sachs, BofA Securities, Evercore ISI, UBS and Wells Fargo also involved, according to reports.
