business
Jersey Mike’s Begins IPO Roadshow to Raise Up to $1.1 Billion, With Blackstone and Abu Dhabi Selling Shares
The sandwich chain plans to sell 43.5 million shares at $21 to $25 each. It would list on the New York Stock Exchange under the ticker JMKE with an implied equity value as high as $7.9 billion.
Jul 21, 12:00 PM·1m read1 source
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Jersey Mike’s began its IPO roadshow on Monday. The company plans to offer 43.5 million Class A shares at an expected price range of $21 to $25 per share, which would raise $913 million to $1.1 billion from a mix of newly issued and existing shares.
An amended filing showed the offering would value the chain at about $7.3 billion at the midpoint of the range and roughly $7.9 billion at the high end.
Jersey Mike’s intends to list on the New York Stock Exchange under the ticker symbol JMKE. Blackstone and the Abu Dhabi Investment Authority are selling shares in the offering while keeping a meaningful stake. Blackstone holds a controlling majority in the company.
Jersey Mike’s was founded in 1956 and operates nearly 3,300 locations across North America. It ranks as the second-largest sandwich chain in the U.S. behind Subway. Charlie Morrison has served as chief executive since April 2025 after leading Wingstop for about 10 years.
The chain reported net income of $55 million on $724 million in revenue in 2025, up from $5 million on $653 million in revenue the prior year. Cumulative same-store sales grew 50 percent from 2020 through 2025. Jersey Mike’s runs a 99 percent franchised, asset-light model that it said generates high operating margins and strong cash flow with limited capital needs.
