Jersey Mike's Subs commenced a roadshow Monday for its proposed initial public offering, setting terms that would put approximately 43.5 million Class A shares on the market at a price between $21 and $25 apiece.
At the top of that range, the company said it expects to raise as much as $1.09 billion. Jersey Mike's plans to sell roughly 13.8 million of those shares, while existing stockholders including Blackstone and the Abu Dhabi Investment Authority plan to sell approximately 29.7 million shares, according to Bloomberg. At the $23 midpoint of the price range, the company expects net proceeds of about $301 million, according to The Wall Street Journal.
Jersey Mike's said the post-offering share count would exceed 317.6 million, which at the $25 ceiling of the range would translate to a market capitalization of roughly $7.94 billion. The Tinton Falls, New Jersey-based chain has applied to list on the New York Stock Exchange under the ticker symbol "JMKE."
Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the offering. Barclays and Guggenheim Securities are co-global coordinators and joint bookrunning managers.
Existing stockholders are expected to grant underwriters a 30-day option to purchase up to an additional 6,521,739 shares to cover over-allotments.
Jersey Mike's operates more than 3,300 locations throughout the United States and Canada and ranks as the country's second-largest submarine sandwich chain by sales, trailing only Subway, according to The Wall Street Journal. Revenue for 2025 came in at $724 million, about 11% higher than the $653 million the chain recorded the previous year, according to Bloomberg.
Jersey Mike's publicly filed its registration statement with the SEC earlier this month, disclosing $55 million in net income for 2025 compared with $5 million the prior year, and systemwide sales of $4.3 billion, reflecting 13% growth. The company had disclosed a confidential IPO filing in April, when people familiar with the matter said it was targeting a valuation exceeding $12 billion and proceeds of more than $1 billion.
Blackstone, whose deal to take a majority position in Jersey Mike's was valued at roughly $8 billion including debt, is set to control approximately two-thirds of the company's votes once the IPO closes. Charlie Morrison, previously CEO of Wingstop and Salad and Go, stepped into the chief executive role in April, as founder Peter Cancro moved to the chairman's seat after steering the brand for close to five decades.
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