The sandwich chain is seeking an implied equity value of about $7.3 billion to $7.9 billion as it prepares to list on the NYSE under ticker JMKE.
Jersey Mike’s has begun its IPO roadshow for 43,478,261 Class A shares priced at $21 to $25 each, a range that implies an equity value of about $7.3 billion at the midpoint and roughly $7.9 billion at the high end. The company plans to list on the New York Stock Exchange under the ticker JMKE, while selling stockholders are also granting underwriters a 30-day option to buy up to 6,521,739 additional shares to cover over-allotments. Blackstone and the Abu Dhabi Investment Authority are among the private equity backers selling shares while retaining stakes, with Blackstone holding a controlling majority stake. Jersey Mike’s, founded in 1956 and led by CEO Charlie Morrison since April 2025, said it has nearly 3,300 locations across North America and is the second-largest sandwich chain in the U.S. behind Subway. The company reported cumulative same-store sales growth of 50% from 2020 through 2025, and posted net income of $55 million on $724 million in revenue last year, compared with net income of $5 million on $653 million in revenue the prior year. At the proposed valuation, Jersey Mike’s would rank above recent restaurant IPOs such as Sweetgreen and Krispy Kreme and near the recent market capitalization range of Cava, highlighting investor interest in high-growth, franchise-heavy restaurant chains.