Jersey Mike's Confidentially Files for U.S. Initial Public Offering After Blackstone Deal

Sandwich chain Jersey Mike's confidentially filed for an initial public offering, the company announced on Monday. Blackstone bought a majority stake in Jersey Mike's in 2024 in a deal that valued the company at roughly $8 billion. The announcement comes more than a year after the Blackstone deal closed.

Jersey Mike's seeks a valuation of at least $12 billion in the IPO, according to Bloomberg.

With more than 3,000 locations nationwide, Jersey Mike's is the second-largest hoagie sandwich chain in the U.S., trailing only Subway. Jersey Mike's reported revenue of $309.8 million in 2025, up 10.6% from the prior year, according to franchise disclosure documents.

Founding and History

Founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971. Peter Cancro bought Mike's Subs in 1975. Peter Cancro changed the name of Mike's Subs to Jersey Mike's and began franchising the chain.

Peter Cancro was the outright owner of Jersey Mike's until the sale to Blackstone.

If it goes public, Jersey Mike's IPO will mark the first restaurant IPO since Black Rock Coffee Bar's offering in September. Several blockbuster IPOs are anticipated in the coming months.

A Jersey Mike's restaurant stands in Walnut Creek, California, as captured in a November image.

After the Blackstone deal closed, Jersey Mike's tapped former Wingstop CEO Charlie Morrison to helm the company. Morrison led the chicken wing chain for a decade, ushering it through its own IPO and a period of historic growth.