Sandwich chain Jersey Mike's publicly filed a registration statement with the US Securities and Exchange Commission on Thursday for an initial public offering to reduce its debt and fund further global expansion.
The company plans to trade its Class A common stock on the New York Stock Exchange under the ticker symbol JMKE, though the prospectus does not yet reveal the proposed share price range or total shares offered.
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Financial Performance and Debt
According to the regulatory filing, the chain reported a cumulative same-store sales growth of 50% from 2020 through 2025, which includes a 3% increase in 2025 alone.
Last year, the business generated $55 million in net income on total revenue of $724 million, marking an increase from a net income of $5 million on revenue of $653 million in 2024.
The filing details that Jersey Mike's currently carries $2.1 billion in long-term debt after borrowing $760 million earlier this year through a whole business securitization to refinance earlier debt and fund a dividend to Blackstone.
Private equity firm Blackstone acquired a majority stake in the company in 2024, placing an $8 billion valuation on the sandwich chain.
Executive Compensation and Expansion
The prospectus also revealed that family members of founder Peter Cancro drew significant compensation between 2023 and 2025, including his stepson, Phillip Sivolobov, who received over $50.5 million.
Additionally, a private aircraft valued at approximately $41 million was transferred to an entity controlled by Cancro in connection with the Blackstone acquisition.
