Jersey Mike's Files For $12 Billion Wall Street Debut
Jersey Mike's Subs filed an S-1 registration statement with the Securities and Exchange Commission to launch an initial public offering (IPO) on the New York Stock Exchange. The fast-casual sandwich chain targets a valuation of at least $12 billion and plans to trade under the ticker symbol JMKE.
This move follows an active period for initial public offerings in the retail and restaurant sectors during the first half of 2026.
The company plans to raise more than $1 billion through this stock offering. Financial disclosures in the prospectus show that systemwide sales reached $4.3 billion in 2025, which represents a 13% growth from the previous year. Total revenue for 2025 reached $724 million, and net income grew to $55 million from $5 million in 2024.
Same-store sales have grown for nearly 20 consecutive years, including a cumulative 50% increase between 2020 and 2025. CEO Charlie Morrison highlighted domestic expansion in the official prospectus.
“We believe we are still in the early innings of our domestic growth opportunity”
The chain operates more than 3,300 locations across all 50 states and Canada. Franchisees run 99% of these stores, maintaining an asset-light model. The average unit volume for these locations is $1.4 million.
Jersey Mike's targets 7,500 domestic locations and a long-term global goal of 15,000 stores. Founder Peter Cancro holds master franchise rights for up to 300 locations across the United Kingdom and Ireland, with the first London stores opening later this year. The company also outlines plans to establish 300 stores in Canada by 2034.
Private equity firm Blackstone acquired a majority stake in late 2024 at an $8 billion valuation. This public offering allows Blackstone to return cash to its investors. Blackstone president Jonathan Gray told the Financial Times earlier this year that he expected a wave of public listings from the firm.
Gray described the pipeline of potential listings as:
“one of our largest . . . in history”
At a $12 billion valuation, Blackstone will roughly double its investment from the 2024 acquisition. This return includes nearly $500 million in dividends paid through franchise fee securitizations. Abu Dhabi Investment Authority also participates as a co-investor in the deal.
The registration filing reveals that Jersey Mike's carries $2.1 billion in long-term debt. The company plans to use the net proceeds from the stock sale to pay down a portion of these outstanding notes and for general corporate expenses.
The prospectus also details financial compensation to family members of the founder. This includes more than $50.5 million paid to the stepson of Peter Cancro between 2023 and 2025. Blackstone-affiliated entities will retain majority voting control over board elections after the company goes public.
Morgan Stanley, Jefferies, and J.P. Morgan serve as the lead global coordinators for the offering. Barclays and Guggenheim Securities also act as co-global coordinators.
