Jersey Mike’s Subs is moving forward with its proposed initial public offering, which could value the Tinton Falls-based sandwich chain at nearly $8 billion.
The company and some existing shareholders plan to offer about 43.5 million shares of Class A common stock at an expected price of $21 to $25 per share to potentially raise up to $1 billion before underwriting discounts and commissions.
Jersey Mike’s itself plans to sell about 13.8 million shares, while existing shareholders are expected to sell approximately 29.7 million shares. The selling shareholders are also expected to give underwriters a 30-day option to purchase up to an additional 6.5 million shares to cover overallotments.
Based on the expected number of shares outstanding after the offering, the IPO would give Jersey Mike’s implied market capitalization of roughly $6.7 billion to $7.9 billion, according to an amended filing on Monday with the U.S. Securities and Exchange Commission.
Jersey Mike’s plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol "JMKE."
Blackstone completed the acquisition of a majority stake in Jersey Mike’s in a 2025 deal that valued the sandwich chain at around $8 billion, including debt. The private equity firm will still hold the majority shares of the company’s voting power after the IPO.
Morgan Stanley, Jefferies and J.P. Morgan are serving as global coordinators and joint bookrunning managers for the offering, with several other financial institutions serving as additional bookrunning managers and co-managers. The IPO date has not been announced.
Jersey Mike’s said the offering is being made through a prospectus. The company has filed a registration statement with the U.S. Securities and Exchange Commission, but it has not yet become effective. Shares cannot be sold until the registration statement becomes effective.
The company is a franchise-based business known for fresh-sliced meats and cheeses, and its "A Sub Above" branding. Jersey Mike’s was named the No. 1 sandwich chain in America in 2025.
Founded in 1956 as Mike’s Subs in Point Pleasant, Jersey Mike’s has grown from a single New Jersey sandwich shop into a fast-casual restaurant chain with more than 3,300 locations in the United States and Canada.
