Jersey Mike’s files for NYSE IPO

Jersey Mike’s Subs Inc. has taken a formal step toward going public by filing a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock. The company plans to list its shares on the New York Stock Exchange under the ticker symbol JMKE, positioning the sandwich chain to access public equity markets.

The registration statement does not yet specify how many shares will be offered or the price range for the offering. The filing states that the IPO remains subject to market and other conditions, and there is no assurance as to whether or when the transaction will be completed.

The S-1 filing highlights a year of growth for Jersey Mike’s, reporting revenue of $724 million in 2025. Net income for the same period was $55 million, underscoring that the business was profitable heading into its potential public debut.

These figures provide prospective investors with a snapshot of the company’s recent performance as it prepares to market shares to the public. The filing positions the company as a sizable player within the restaurant sector based on its reported top-line and bottom-line results.

Private equity firm Blackstone (BX) holds a majority stake in Jersey Mike’s, having acquired control of the company more than a year before the IPO filing at a reported valuation of around $8 billion. That investment sets the backdrop for the firm’s potential gains from a successful offering.

Recent reporting indicates Blackstone (BX) is targeting a valuation of up to $12 billion for Jersey Mike’s in the IPO. Such a valuation would represent a significant uplift from the earlier reported figure and frame expectations for how the market might price the fast-growing sandwich chain.

Morgan Stanley (MS), Jefferies and J.P. Morgan are named in the registration statement as global coordinators and joint bookrunning managers for the proposed offering. Their roles include helping to structure the deal, market the shares to institutional and retail investors, and stabilize trading at the time of the listing if the IPO proceeds.

With key underwriters in place but no share count or price range yet disclosed, the deal remains in its early stages. Further updates to the registration statement and subsequent marketing efforts will determine the ultimate size, timing and pricing of Jersey Mike’s debut on the New York Stock Exchange.