Jersey Mike’s Subs has filed for an initial public offering and plans to list its Class A common stock on the New York Stock Exchange under the symbol JMKE. The sandwich chain, backed by Blackstone, operates more than 3,300 locations across all 50 states and two countries, nearly all franchised, and has a development pipeline of over 1,600 stores as of June 30, 2026. The company is seeking a valuation of at least $12 billion and aims to raise more than $1 billion, supported by a systemwide average unit volume of approximately $1.4 million in fiscal 2025 and an asset-light, 99%-franchised model. It generated about $55 million in net income and $328 million in adjusted EBITDA less capital expenditures in 2025. Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the proposed offering.
Jefferies Financial Group Inc
Morgan StanleyBlackstone Group IncBlackstone-backed Jersey Mike's IPO could provide exit returns for Blackstone.
Jersey Mike's is the IPO subject, seeking valuation of at least $12 billion.