Private equity firm Blackstone has filed an S-1 registration statement with the Securities and Exchange Commission to launch an initial public offering for Jersey Mike's Subs.
The sandwich chain intends to list its shares on the New York Stock Exchange under the ticker symbol "JMKE."
>>> Djokovic, Sinner Advance to Wimbledon Fourth Round
The number of shares and price range have not yet been disclosed.
According to the filing, a portion of the IPO proceeds will fund a dividend payout to Blackstone, execute debt repayments, and reduce the $760 million debt package secured earlier this year to refinance previous borrowings.
A Bloomberg report from April indicated that the franchisor aimed to raise over $1 billion from the public debut, targeting an overall valuation of at least $12 billion.
Blackstone acquired the company in late 2024 at an estimated valuation of $8 billion.
Founded in 1956, Jersey Mike's has grown from a single shop in Point Pleasant, New Jersey, to nearly 3,300 locations nationwide.
Following the IPO, Blackstone will retain majority voting power to oversee the brand's growth strategy.
>>> Cycling to MetLife Stadium: A Video Route Review from Brooklyn
Financial data from the filing shows that Jersey Mike's generated approximately $4.2 billion in system-wide sales in 2025, a 13% increase from $3.7 billion in the previous year.
The company posted an adjusted EBITDA of $339 million in 2025, up 29% year-over-year.
Cumulative same-store sales grew by 50% from 2020 to 2025, outperforming general contraction trends across the restaurant sector.
This growth follows major leadership changes, including the appointments of CEO Charlie Morrison and CFO Michele Allen.
The IPO comes amid a broader trend in 2026 where private equity firms utilize public markets to divest assets due to a quiet mergers and acquisitions market.
>>> BC Hydro Schedules Maintenance Outages and Investigates Richmond Blackouts
Blackstone has been active in this space, recently taking Liftoff Mobile public and preparing listings for Jersey Mike's and PGP Glass.
