Jersey Mike’s Subs Inc., the fast-casual sandwich operator backed by private equity firm Blackstone Inc, has filed to go public, signaling an intent to list its Class A common stock on the New York Stock Exchange under the ticker symbol "JMKE." The filing outlines a potential initial public offering that remains contingent on market and other conditions, with no guarantee as to its timing or completion.
The proposed deal is being coordinated by Morgan Stanley, Jefferies and J.P. Morgan, who will serve as global coordinators and joint bookrunning managers for the transaction. The company’s registration materials emphasize the conditional nature of the offering and make clear there is no assurance the offering will proceed.
Jersey Mike’s operates a predominantly franchised footprint, with more than 3,300 locations spread across all 50 U.S. states and two countries. The company reported a strong development pipeline of over 1,600 stores as of June 30, 2026, and noted that more than 90% of that pipeline is being developed by existing franchise owners. Management views substantial domestic expansion opportunity, estimating room to open about 7,500 additional stores within the U.S.
On the international front, Jersey Mike’s has a planned rollout in partnership with its founder and former Chief Executive Officer Peter Cancro to add 300 stores in the U.K. and Ireland, supporting a long-term global objective of roughly 15,000 stores.
The company is pursuing a valuation of at least $12 billion in connection with the IPO, and earlier reports suggested the listing could raise more than $1 billion. Jersey Mike’s cited financial metrics intended to underpin that valuation, including a systemwide average unit volume of about $1.4 million in Fiscal 2025 and an asset-light structure in which 99% of locations are franchised.
Digital engagement is another growth pillar highlighted in the filing. The chain’s MyMike’s loyalty program expanded to more than 12.5 million active members in 2025. The filing also presents franchise economics, reporting an average store sales-to-investment ratio of 2.6x and cash-on-cash returns of approximately 42% in Fiscal 2025.
Following the offering, entities controlled by affiliates of Blackstone are expected to retain a majority of the combined voting power for the election of directors of Jersey Mike’s. Blackstone acquired Jersey Mike’s last year in a transaction valued at about $8 billion including debt.
On a profitability basis, the company reported generating roughly $55 million of net income in 2025 and approximately $328 million of adjusted EBITDA less capital expenditures for the same fiscal year, figures cited in the registration statement.
Leadership at Jersey Mike’s is led by Chief Executive Officer Charlie Morrison, who previously served as CEO of Wingstop for about 10 years. Chief Financial Officer Michele Allen, who brings over 25 years of hospitality and franchising experience as a public company executive, supports Morrison. The filing notes that the broader executive team combines long-standing institutional knowledge of the brand with specialized operational expertise, and that this leadership is aligned to carry out the company’s stated domestic and international growth strategies.
The filing portrays a growth-oriented franchising platform with digital engagement and attractive unit economics, while stressing the conditional nature of the proposed public offering and the continued governance influence of Blackstone-affiliated holders.