A Jersey Mike’s restaurant in Walnut Creek, California, Nov. 21, 2024.
David Paul Morris | Bloomberg | Getty Images
Jersey Mike’s has confidentially filed for an initial public offering, the company said on Monday.
The announcement comes more than a year after Blackstone bought a majority stake in the sandwich chain in a deal that reportedly valued Jersey Mike’s at roughly $8 billion.
After the Blackstone deal closed, Jersey Mike’s tapped former Wingstop CEO Charlie Morrison to helm the company. Morrison led the chicken wing chain for a decade, ushering it through its own IPO and a period of historic growth.
With more than 3,000 locations nationwide, Jersey Mike’s is the second-largest hoagie sandwich chain in the U.S., trailing only Subway.
Jersey Mike’s reported revenue of $309.8 billion in 2025, up 10.6% from the prior year, according to franchise disclosure documents. The chain also reported net income of $183.6 million in 2025, down from the prior year’s net income of $238.8 million.
Founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971; four years later, he pulled together enough money to buy Mike’s Subs. Cancro later changed the name and began franchising the chain. Until the sale to Blackstone, he was the outright owner of Jersey Mike’s.
The confidential filing is the first step for Jersey Mike’s to be publicly traded. If it goes public, it will mark the first restaurant IPO since Black Rock Coffee Bar’s offering in September.
The market for initial public offerings has been tepid, although that could change this year. Market volatility, economic uncertainty and recent poor performance among IPO stocks has led to a backlog of listings. However, several blockbuster IPOs, like the SpaceX offering that could value the company at $1 trillion, are anticipated in the coming months.
