Jersey Mike’s Subs Files for NYSE IPO

Jersey Mike’s Subs filed a Form S-1 on July 2, 2026 to list on the NYSE under ticker “JMKE.” The prospectus omits share count and price; the offering is projected at $100 million, with Morgan Stanley, Jefferies and J.P. Morgan as lead book-runners.

The Globe and Mail (Toronto)

The S-1 shows 50 % cumulative same-store sales growth (2020-2025) and 3 % growth in 2025. Systemwide sales reached $4.3 billion, average unit volume $1.4 million, net income $55 million on $724 million revenue, and adjusted EBITDA $327 million (47 % of revenue). Digital orders represent 42 % of occasions.

CNBC

Blackstone bought a majority stake in Jersey Mike’s for about $8 billion, including debt, in late 2024. It will keep controlling voting power after the IPO, classifying the company as a “controlled” issuer. Proceeds will be used to repay debt and for general corporate purposes.

Blackstone-Backed Sandwich Chain Files For IPO, Could Reach $1B

Founder Peter Cancro, who opened the first shop in 1975, remains an equity holder. CEO Charlie Morrison, appointed after the Blackstone sale, says the brand is in “early innings”, cites a pipeline of 1,600 stores—90 % driven by existing franchisees—and targets 300 Canadian locations by 2034 and 400 UK/Ireland stores.

Jersey Mike’s makes its IPO official

Analysts see the filing as a test of investor appetite for franchise-heavy quick-service brands after mixed restaurant IPO outcomes, noting inflation-driven cost pressures and consumer budget constraints.

The Globe and Mail (Toronto)

The prospectus highlights best-in-class brand awareness, a portable model and a diversified franchise base—about 80 owners run ten or more units, 330 own one or two. It also notes plans to use first-party data to boost digital ordering and to allocate proceeds to debt reduction and general corporate purposes.

RestaurantDive

Observers warn that restaurant IPOs have shown uneven aftermarket performance and cite inflation-driven cost pressures as earnings risks.

The Globe and Mail (Toronto)

Bloomberg reported potential $1 billion proceeds at a $12 billion valuation, but the filing provides no final size or price. It lists $2.1 billion debt and a $760 million securitization, leaving net debt after the offering unclear.

Blackstone-Backed Sandwich Chain Files For IPO, Could Reach $1B

• “still in the early innings of our domestic growth opportunity. We benefit from best-in-class brand awareness, a highly portable model, and strong momentum across both established and newer markets.” — Charlie Morrison, CEO

RestaurantDive

• “good stuff” — Michael Halloran, Lead Corporate and Securities Partner, Halloran Farkas + Kittila LLP

RestaurantDive

• “It is an easy-to-understand franchise business with strong reported revenue growth and expansion, while also being supported by the Blackstone backing.” — Lukas Muehlbauer, IPOX Research Associate

The Globe and Mail (Toronto)

• “The listing should be a test for restaurant IPOs because the category has had a mixed aftermarket record, with clear winners like Chipotle and Wingstop but also weaker or more uneven outcomes from names like Sweetgreen, Krispy Kreme and others,” — Lukas Muehlbauer, IPOX Research Associate

The Globe and Mail (Toronto)

Jersey Mike’s expects NYSE trading later in 2026, following the SEC filing. Proceeds will fund debt reduction, pipeline expansion and UK/Ireland openings.

Blackstone-Backed Sandwich Chain Files For IPO, Could Reach $1B