US food chain Jersey Mike’s has taken its first formal step toward a public listing, confidentially submitting to the SEC on Monday as the IPO market regains momentum near record equity levels.
The move comes as the S&P 500 and Nasdaq posted record highs for a third straight session on Friday, giving issuers a firmer backdrop after recent volatility tied to Middle East conflict and AI-driven pressure on parts of the tech trade.
The company did not disclose share count or pricing.
Jersey Mike’s generated $4.2 billion in systemwide sales in 2025, up from $3.7 billion in 2024, while average unit volumes rose to $1.36 million from $1.33 million. The chain is also said to have posted positive same-store sales for 20 consecutive years.
The sandwich chain ended 2025 with 3,227 restaurants nationwide, including 3,201 franchised units and 26 company-operated locations, after opening a net 238 stores during the year, from 1,048 stores in 2015.
Bloomberg reported earlier this year that Jersey Mike’s could seek to raise more than $1.0 billion at a valuation of at least $12.0 billion. If achieved, that would mark a sharp step up from the roughly $8.0 billion valuation attached to Blackstone’s majority acquisition of the company in November 2024, a deal Reuters reported included debt and an earn-out tied to Jersey Mike’s opening its 4,000th store.
The filing is also arriving after a major leadership reset. Founder Peter Cancro transitioned to chairman in April 2025 following Blackstone’s investment, while Charlie Morrison, previously of Wingstop and Salad and Go, was brought in as chief executive.
Morrison said in January that Jersey Mike’s has been opening roughly 300 stores annually and expects to continue along that curve, while the company has indicated long-term capacity for about 8,000 U.S. restaurants. In unit terms, the chain is already the third-largest sandwich concept in the country, trailing only Subway and Arby’s.
In January, Jersey Mike’s announced a franchise agreement led by Cancro to open 400 stores in the UK and Ireland, with the first location planned for 2026.
If the IPO proceeds, it would be one of the more closely watched consumer listings of the year and the first restaurant chain to pursue the public markets since Black Rock Coffee Bar raised $294.1 million in September 2025.
Information for this story was found via Bloomberg, The Globe And Mail, QSR Magazine, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
