By Utkarsh Shetti
July 2 (Reuters) – Sandwich chain Jersey Mike’s has filed for a U.S. initial public offering, pushing ahead with its plans to go public amid renewed enthusiasm for new listings.
The IPO market has rebounded after a brief bout of volatility induced by the U.S.-Iran war, spurring many issuers at the sidelines to proceed with their listing plans.
A string of high-profile listings, including SpaceX’s record-breaking $75 billion IPO, pushed second-quarter proceeds past $100 billion.
Jersey Mike’s did not disclose additional details of the offering. Bloomberg News had reported earlier this year, citing sources, that the sandwich chain could seek to raise more than $1 billion at a valuation of at least $12 billion.
“Jersey Mike’s has a straightforward story for public investors,” IPOX Research Associate Lukas Muehlbauer said.
“It is an easy-to-understand franchise business with strong reported revenue growth and expansion, while also being supported by the Blackstone backing.”
The company disclosed in its filing with the U.S. Securities and Exchange Commission that its net income jumped to $55 million in 2025 from $5 million in 2024. Royalties and other revenue grew 11% to $483 million.
A TEST FOR RESTAURANT IPOS
Jersey Mike’s operates a fast-casual sub sandwich franchise, with more than 3,300 locations across the U.S. and Canada, according to the filing.
Restaurant retailers are navigating elevated operating costs while consumer budgets remain stretched by surging inflation.
“The listing should be a test for restaurant IPOs because the category has had a mixed aftermarket record, with clear winners like Chipotle and Wingstop but also weaker or more uneven outcomes from names like Sweetgreen, Krispy Kreme and others,” Muehlbauer said.
Inspire Brands, the owner of fast-food chains Dunkin’, Arby’s and Jimmy John’s, also filed confidentially for a U.S. IPO earlier this year.
Jersey Mike’s, which was acquired by private equity firm Blackstone last year for around $8 billion, plans to open 400 stores in the UK and Ireland in partnership with Peter Cancro, the chain’s founder and former CEO.
Cancro founded Jersey Mike’s in 1975 when he was 17 and bought Mike’s Subs shop in Point Pleasant, New Jersey. He began franchising the business in 1987.
The company has applied to list on the New York Stock Exchange under the trading symbol “JMKE.” Morgan Stanley, Jefferies and J.P. Morgan are the joint book-running managers in the offering.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Joyjeet Das)
