An article summarized by Investing.com:
Jersey Mike's Subs has filed for an initial public offering (IPO) and plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol JMKE. The sandwich chain, which is backed by Blackstone, is reportedly seeking a valuation of at least $12 billion and hopes to raise more than $1 billion through the offering. Investment banks Morgan Stanley, Jefferies, and J.P. Morgan are leading the IPO.
Jersey Mike's currently operates more than 3,300 locations across all 50 U.S. states and two international markets, with 99% of its restaurants franchised. The company has over 1,600 additional stores in development, most of them being opened by existing franchisees, and believes it can eventually expand to approximately 7,500 U.S. locations and 15,000 stores worldwide. International growth plans include opening 300 stores in the United Kingdom and Ireland in partnership with founder Peter Cancro.
The company says its franchise model has produced strong financial results, generating approximately $55 million in net income and $328 million in adjusted EBITDA (less capital expenditures) in 2025. Its MyMike's loyalty program has grown to more than 12.5 million active members, while franchisees benefit from strong sales and investment returns. Following the IPO, Blackstone is expected to retain majority voting control of the company. Jersey Mike's is led by CEO Charlie Morrison, the former CEO of Wingstop, who is overseeing the chain's continued domestic and international expansion.
