Jersey Mike’s Files for IPO Valued at About $12 Billion

Jersey Mike’s filed a Form S-1 prospectus for an initial public offering last week. The filing values the company at approximately $12 billion and shows it will trade on the New York Stock Exchange under the ticker JMKE. The disclosures detail compensation paid to relatives of founder Peter Cancro.

His stepson Phillip Sivolobov received $50.5 million between 2023 and 2025. His brother John Cancro received about $21 million over the same period, while brother-in-law Daniel Powers received more than $31 million from fiscal 2024 to 2025. The three family members held various roles at the company and received no payments in the 13 weeks ended March 29, the close of the first quarter of fiscal 2026.

In connection with Blackstone’s 2024 acquisition of a majority stake for $8 billion, a $41 million aircraft was transferred to an entity controlled by Cancro. Jersey Mike’s paid Cancro $166,666.66 per month for air travel-related business expenses, totaling about $2 million in 2025. Cancro also controls master franchise rights for 300 locations in the U.K.

And Ireland through an entity. Cancro stepped down as CEO in April 2025. Charlie Morrison, previously CEO of Wingstop, now leads the company. Jersey Mike’s operates nearly 3,300 locations in North America and ranks as the second-largest sandwich chain in the United States behind Subway.

The filing reported a 50 percent increase in cumulative same-store sales from 2020 through 2025. Net income reached $55 million on $724 million in revenue in the most recent fiscal year, compared with $5 million on $653 million in revenue the prior year. Cancro retained meaningful equity after the Blackstone transaction and serves on the board.

In a letter to shareholders included in the filing, he wrote that Morrison and Blackstone will help scale the brand.