Jersey Mikes Subs, a Blackstone-Owned Sandwich Franchise, Files for IPO

A sign in front of a Jersey Mike’s Subs shop in Petaluma, Calif., on April 5, 2024. Justin Sullivan/Getty ImagesJersey Mike’s Subs, a Blackstone-owned sandwich shop, announced on July 2 that it has filed for an initial public offering (IPO) with the Securities and Exchange Commission to list its stock on the New York Stock Exchange.The New Jersey chain, which plans to go by the trading symbol “JMKE,” did not disclose additional details, such as the number of shares or offering price.Earlier this year, Bloomberg, citing anonymous sources, reported that Jersey Mike’s could seek to raise more than $1 billion at a valuation of at least $12 billion.Morgan Stanley, Jefferies, and J.P. Morgan will be bookrunning managers for the offering.In its filing with the Securities and Exchange Commission, the company disclosed that its net income jumped to $55 million in 2025 from $5 million in 2024.Jersey Mike’s has more than 4,000 locations open or under development, according to its website, and operates as a fast-casual sub franchise.Mike Ingravallo first opened a single shop, originally called “Mike’s,” in 1956 on the Jersey shore. It was bought in 1975 by then 17-year-old employee Peter Cancro, who expanded the shop to become a national sub powerhouse now known as “Jersey Mike’s Subs.”A majority stake in the company was acquired by private equity funds managed by asset manager Blackstone in November 2024 for around $8 billion.“We believe we are still in the early innings of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights,” Cancro said in a press release at the time. “Blackstone has helped drive the success of some of the most iconic franchise businesses globally.”Cancro held onto a “significant” equity stake and remained CEO for a few months longer. After 50 years leading the company, he stepped down as CEO in April 2025 but remained chairman of the board of directors and a significant minority shareholder.He was replaced by Charlie Morrison, who previously served as CEO of Wingstop for around 10 years and is currently on the board of Nothing Bundt Cakes.“Jersey Mike’s is a unique brand with a rich history, loyal customer base and authentic culture which Peter and his talented team have cultivated over the past five decades,” Morrison said in a press release. “What Peter [Cancro] has created at Jersey Mike’s is nothing short of extraordinary. I am honored to be entrusted with continuing this legacy.”In January, the company announced its first European expansion, signing a franchise agreement to open 400 stores in the United Kingdom and Ireland. The company said it plans to accelerate its international growth and become a globally recognized brand.The Associated Press and Reuters contributed to this report.