Sandwich Chain Jersey Mikes Goes Public, Falls 6 Percent in Debut

A Jersey Mike’s banner adorns the New York Stock Exchange during morning trading on July 30, 2026. Michael M. Santiago/Getty ImagesSandwich chain Jersey Mike’s Subs debuted on the New York Stock Exchange on July 30, opening at $21 a share after the company priced its shares at $23 in its initial public offering (IPO).The company sold around 43.5 million shares and raised around $1 billion, valuing itself at approximately $6.7 billion. The company closed its first trading day at $21.63, nearly 6 percent down from its offering price.“The business was well designed for a long time to be a great public company,” Jersey Mike’s CEO Charlie Morrison said. “It has all the predictability in performance that we know investors love to see…and tons of portability and white space ahead of us to grow this brand well into the future.”The New Jersey company first announced it filed for an IPO on July 2 under the ticker “JMKE.” Morgan Stanley, Jefferies, and J.P. Morgan were book-running managers for the offering.Jersey Mike’s started when Peter Cancro, a then-17-year-old employee of a Jersey Shore sandwich shop called “Mike’s,” bought the shop in 1975. Over the years, he expanded it to become the nationwide sub chain known as “Jersey Mike’s Subs.”According to its website, the company has more than 4,000 locations either open or under development.In November 2024, private equity funds managed by asset manager Blackstone bought a majority stake in Jersey Mike’s 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.”In its filing with the Securities and Exchange Commission, the company said its net income increased to $55 million in 2025 from $5 million in 2024.Cancro held onto a “significant” equity stake during the sale and stepped down as CEO in April 2025 after leading the company for around 50 years. Cancro remained chairman and on the board of directors.Charlie Morrison, who previously served as CEO of Wingstop for around 10 years, took over as CEO.“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.”Reuters contributed to this report.