Published: August 5, 2026 | Category: IPOs / Consumer
Sandwich chain’s Wall Street debut values it at $7.3bn, roughly 18 months after Blackstone paid about $8bn for control.
Jersey Mike’s Subs and its private equity backer Blackstone raised $1 billion in an initial public offering priced at $23 a share — the midpoint of a marketed $21-to-$25 range. The pricing values the sandwich chain’s equity at approximately $7.3 billion. Shares began trading on the New York Stock Exchange on Thursday under the ticker JMKE.
Jersey Mike’s sold 13.8 million of the 43.5 million shares in the offering, raising $317 million that the company said would go largely toward debt repayment. Blackstone and other existing shareholders sold the remaining 29.7 million shares, meaning roughly two-thirds of gross proceeds went to sellers rather than the company itself.
The listing comes about 18 months after Blackstone paid roughly $8 billion for a majority stake in the Tinton Falls, New Jersey-based chain, in a deal that closed in January 2025.
The Financials
Jersey Mike’s reported revenue of $724 million in 2025, up 11%, and systemwide sales of $4.2 billion, up 13%, according to its SEC registration statement. Adjusted EBITDA rose 29% to $339 million. Net income climbed to $55 million from $5 million a year earlier.
The company carried about $2.1 billion of debt and $232 million of cash heading into the offering, and said it would apply roughly $295 million of proceeds to debt paydown. At the $23 offer price, that implies an enterprise value in the neighbourhood of $9 billion, and a multiple of roughly 26 times adjusted EBITDA.
Jersey Mike’s operates more than 3,300 locations in the U.S. and Canada, almost all franchised, with an average unit volume of about $1.4 million — nearly three times that of rival Subway.
Control and Context
Blackstone will retain about two-thirds of voting power after the offering, allowing Jersey Mike’s to operate as a “controlled company” under NYSE rules. Charlie Morrison, who took Wingstop public in 2015, is chief executive. Founder Peter Cancro, who bought the original sub shop at age 17, remains a shareholder.
The debut lands in a thin year for U.S. consumer listings — only a handful had completed IPOs by late July, the fewest in a decade, according to Reuters. Attention now turns to whether the reception holds up as other PE-owned restaurant chains weigh their own listings. Roark Capital has been preparing a possible IPO of Inspire Brands, owner of Dunkin’, Arby’s and Jimmy John’s, that could value the company near $20 billion.
| Metric | Figure |
|---|---|
| IPO price | $23/share (midpoint of $21–$25 range) |
| Equity valuation | ~$7.3 billion |
| Implied enterprise value | ~$9 billion (~26x adj. EBITDA) |
| Total gross proceeds | $1 billion (43.5M shares) |
| Company proceeds (new shares) | $317 million (13.8M shares, toward debt) |
| Seller proceeds (Blackstone + others) | ~$683 million (29.7M shares) |
| 2025 revenue | $724 million (+11%) |
| 2025 systemwide sales | $4.2 billion (+13%) |
| 2025 adjusted EBITDA | $339 million (+29%) |
| 2025 net income | $55 million (vs. $5M prior year) |
| Locations | 3,300+ (nearly all franchised) |
| Blackstone post-IPO voting power | ~2/3 |