Jersey Mike’s seeks nearly $8 billion valuation in IPO
The sandwich chain has started its IPO roadshow with a proposed valuation above most recent restaurant listings.
By Maya Lindqvist · Senior Technology Correspondent
3 min read
Jersey Mike’s has started marketing its initial public offering, putting the sandwich chain on track for a stock-market debut that could value it at nearly $8 billion. The proposed deal will test investor demand for a fast-growing, heavily franchised restaurant business at a time when recent food-service listings have produced mixed public-market values.
The New Jersey-based company said Monday that it plans to sell 43.5 million Class A shares at $21 to $25 each. At that range, the sale would raise about $913 million to $1.1 billion through a mix of new shares and stock sold by existing holders, according to the company’s amended IPO filing with the Securities and Exchange Commission.
Jersey Mike’s plans to trade on the New York Stock Exchange under the ticker JMKE. The filing indicates an implied equity value of about $7.3 billion at the midpoint of the price range and about $7.9 billion at the top end.
Private equity owners will sell stock
The IPO would allow some early investors to take gains while keeping exposure to the chain. According to the filing, Blackstone and the Abu Dhabi Investment Authority are among the holders selling shares, while still retaining stakes after the offering. Blackstone owns a controlling majority interest in Jersey Mike’s.
The expected valuation would put Jersey Mike’s above several recent restaurant IPOs, according to Fortune and the restaurant industry report “A History of Restaurant IPOs.” Cava, which went public in 2023, has recently traded with a market capitalization in the $7.5 billion to $8.5 billion range.
Other recent restaurant listings are much smaller by market value. Fortune reported that Sweetgreen, which listed in 2021, is valued at roughly $800 million, while Krispy Kreme is near $600 million.
A larger restaurant IPO may also be coming. Inspire Brands, the parent of Dunkin’ and Buffalo Wild Wings, said in May that it had confidentially submitted a draft registration statement for a proposed public offering. Fortune reported that Inspire is targeting a valuation of about $20 billion.
Growth and franchise model in focus
Jersey Mike’s traces its roots to 1956 and now has nearly 3,300 locations across North America, according to the company. Fortune reported that the chain is the second-largest sandwich operator in the United States, behind Subway.
Charlie Morrison has led Jersey Mike’s as chief executive since April 2025. He previously ran Wingstop for about a decade, according to the company’s filing and Fortune’s report.
The company reported 50% cumulative same-store sales growth from 2020 through 2025. Last year, it posted net income of $55 million on revenue of $724 million, up from net income of $5 million on revenue of $653 million a year earlier, according to its amended filing.
Jersey Mike’s told investors that its business is 99% franchised, a structure it describes as asset-light. The company said that model helps produce high operating margins, limits capital needs and supports cash generation.
This story draws on original reporting from Fortune.