Jersey Mike’s Subs Moves Toward IPO Backed by Morgan Stanley and JPMorgan

Jersey Mike’s Subs is advancing plans for an initial public offering with Morgan Stanley and JPMorgan Chase & Co. advising, aiming for a potential launch as early as the third quarter of 2026. The chain, which operates more than 3,000 restaurants, is reportedly seeking a valuation of at least $12 billion and expects the sale to raise in excess of $1 billion. Deal terms and timing remain under discussion and could change.

Key Points

Jersey Mike’s Subs is preparing for an IPO with Morgan Stanley and JPMorgan Chase & Co. as advisers.
The chain operates more than 3,000 locations and is targeting a valuation of at least $12 billion and proceeds in excess of $1 billion.
Timing is targeted as early as Q3 2026, but deal size, valuation, and the underwriting team remain under discussion.

Overview

Jersey Mike’s Subs has begun preparations for an initial public offering with Morgan Stanley and JPMorgan Chase & Co. serving as lead advisers, according to people familiar with the matter. The sandwich franchise, which operates in excess of 3,000 locations, is targeting a first-time share sale as early as the third quarter of 2026.

Planned valuation and proceeds

Those involved in the discussions say Jersey Mike’s is aiming for a valuation of at least $12 billion for the IPO. The offering is expected to raise more than $1 billion, though participants emphasize that the size and final valuation remain under negotiation and are subject to change.

Underwriting and bank participation

Morgan Stanley and JPMorgan Chase & Co. are reported to be working on the transaction. The sources note that additional banks are likely to join the underwriting syndicate as plans develop, leaving the final composition of the deal team unsettled at this stage.

Timing and uncertainties

The timeline set out points to a potential debut in the third quarter of 2026, described as an earliest possible window. Parties close to the process caution that deliberations are ongoing, meaning the schedule could shift and specific deal terms may be revised.

Ownership background

Blackstone Inc. acquired Jersey Mike’s in early 2025 for about $8 billion including debt. The contemplated IPO would follow that purchase by just over a year, representing an exit route for the private equity owner should the offering proceed.

What remains unresolved

Key details - including the ultimate size of the offering, the valuation agreed upon, and the complete list of underwriting banks - have not been finalized. The parties directly involved continue to discuss parameters, and any element of the plan could change as those talks progress.

Conclusion

Jersey Mike’s is actively preparing for a public listing with two major investment banks advising, targeting significant proceeds and a multi-billion-dollar valuation, while important elements of the transaction remain subject to negotiation and potential revision.

Risks

Deliberations over the offering are ongoing - the size and valuation of the IPO could change, creating uncertainty for investors and banks.
The timing is described as an earliest possible window in Q3 2026 - the schedule is not final and could be delayed.
The underwriting roster is not fixed - additional banks are likely to join, so the final distribution of underwriting risk and fees is uncertain.

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Key Points

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