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FinanceJersey Mike's IPO priced at $21-$25, plans to expand to 15,000 global stores
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Jersey Mike's is set to go public on the New York Stock Exchange under the ticker 'JMKE' with shares priced between $21 and $25. The sandwich chain, founded by Peter Cancro in 1975 and majority-owned by Blackstone since January 2025, filed an S-1 prospectus revealing ambitious expansion plans to more than quadruple its store base from 3,300 to up to 7,500 in the US and 15,000 globally, including 300 stores each in Canada and the UK/Ireland. The company positions its menu as 'protein-forward' to cater to protein consumption trends and GLP-1 weight-loss drug users. The filing also disclosed that Cancro's family members collectively made over $100 million between 2023 and 2025, and that the company purchased a $41 million private jet for Cancro in 2024, shortly before the Blackstone deal.
Source report
Jersey Mike's is preparing to go public, with shares expected to begin trading on the New York Stock Exchange on Thursday under the ticker symbol "JMKE," according to an SEC filing. The company anticipates pricing its stock between $21 and $25 per share, with the exact price to be confirmed before the IPO.
Unlike many of its peers that went public earlier in their histories, Jersey Mike's is an established brand with thousands of restaurants.
Company Background
Founder Peter Cancro started Jersey Mike's after purchasing a single sandwich shop in New Jersey in 1975. Since then, he has grown the chain into a national operation. Last year, private equity firm Blackstone acquired a majority stake in the company for $8 billion.
The company's latest S-1 securities filing—a document filed with the Securities and Exchange Commission in preparation for going public—reveals new details about the business, its strategy, and its leadership.
Key Highlights from the Prospectus
Expansion Plans
Jersey Mike's aims to more than quadruple its store base. There are currently approximately 3,300 mostly franchisee-operated locations in the U.S., with the highest concentration in Southeastern states such as North and South Carolina.
The company estimates it could open as many as 7,500 stores in the U.S.
"While we operate in all 50 states today, we believe we remain under-penetrated in all markets, providing substantial runway for growth," the filing states.
With international expansion, that number could reach 15,000 stores. Jersey Mike's plans to open:
- 300 stores in Canada
- 300 stores in the UK and Ireland
'Protein-Forward' Menu
Jersey Mike's describes its menu as "protein-forward," catering to two major dietary trends: increased protein consumption and the rise of weight-loss drugs like GLP-1s.
Our subs are inherently protein-forward.
The chain's Italian sub contains approximately 47 grams of protein, and ten other subs contain at least 35 grams of protein.
Additional menu insights:
- Two-thirds of subs sold are cold
- 47% of sales occur at lunchtime
Family Member Compensation
Before the Blackstone deal, several of Cancro's family members worked at Jersey Mike's and collectively earned millions from the investment.
Between 2023 and 2025:
- John Cancro (founder's brother): ~$21 million
- Daniel Powers (brother-in-law): ~$32 million
- Phillip Sivolobov (stepson and former director until early 2025): ~$51 million
None of the family members received compensation from Jersey Mike's during the first quarter of 2026, according to the prospectus.
Founder's Private Jet
In 2024, Jersey Mike's spent $41 million on a private jet for Peter Cancro, according to a footnote in the prospectus's financial information. Cancro remains on the company's board and served as CEO until April 2025.
The jet was transferred to a business entity controlled by Cancro. The chain also paid Cancro approximately $2 million last year to cover costs "related to air transportation to travel from time to time for business purposes."
The jet purchase and payments occurred shortly before Blackstone acquired its majority stake in January 2025.
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