Jersey Mike's IPO Roadshow Targets Up to $1.09 Billion

Cris Tolomia Mon, July 20, 2026 at 10:37 AM PDT | 2 min read

Jersey Mike's Subs commenced a roadshow Monday for its proposed initial public offering, setting terms that would place approximately 43.5 million Class A shares on the market at a price between $21 and $25 apiece.

At the top of that range, the company said it expects to raise as much as $1.09 billion. Jersey Mike's plans to sell roughly 13.8 million of those shares, while existing stockholders—including Blackstone and the Abu Dhabi Investment Authority—plan to sell approximately 29.7 million shares, according to Bloomberg. At the $23 midpoint of the price range, the company expects net proceeds of about $301 million, according to The Wall Street Journal.

Jersey Mike's said the post-offering share count would exceed 317.6 million, which at the $25 ceiling of the range would translate to a market capitalization of roughly $7.94 billion. The Tinton Falls, New Jersey-based chain has applied to list on the New York Stock Exchange under the ticker symbol "JMKE."

Underwriters

• Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers.
• Barclays and Guggenheim Securities are co-global coordinators and joint bookrunning managers.

Existing stockholders are expected to grant underwriters a 30-day option to purchase up to an additional 6,521,739 shares to cover over-allotments.

Company Overview

Jersey Mike's operates more than 3,300 locations throughout the United States and Canada and ranks as the country's second-largest submarine sandwich chain by sales, trailing only Subway, according to The Wall Street Journal.

• 2025 revenue: $724 million, approximately 11% higher than the $653 million recorded the previous year (Bloomberg).
• 2025 net income: $55 million, compared with $5 million the prior year.
• Systemwide sales: $4.3 billion, reflecting 13% growth.

IPO Background

Jersey Mike's publicly filed its registration statement with the SEC earlier this month. The company had disclosed a confidential IPO filing in April, when people familiar with the matter said it was targeting a valuation exceeding $12 billion and proceeds of more than $1 billion.

Ownership and Leadership

Blackstone, whose deal to take a majority position in Jersey Mike's was valued at roughly $8 billion including debt, is set to control approximately two-thirds of the company's votes once the IPO closes.

Charlie Morrison, previously CEO of Wingstop and Salad and Go, stepped into the chief executive role in April, as founder Peter Cancro moved to the chairman's seat after steering the brand for close to five decades.