In the United States, Jersey Mike's, a New Jersey-based sandwich chain, announced the commencement of its IPO roadshow on a Monday. The company is set to offer 43.5 million Class A shares at an anticipated price range of $21 to $25 per share. This move is expected to raise between $913 million and $1.1 billion from both newly issued and existing shares. According to its amended IPO filing, Jersey Mike's would have an implied equity value of approximately $7.3 billion at the midpoint of the price range and around $7.9 billion at the high end.
The company plans to list its shares on the New York Stock Exchange under the ticker symbol JMKE. This IPO is significant as it highlights the growing interest and premium investors are placing on fast-growing, asset-light franchise businesses. Jersey Mike's is expected to debut at a valuation that surpasses recent restaurant IPOs, including those of Cava, Sweetgreen, and Krispy Kreme. Cava, which went public in 2023, has had a market capitalization fluctuating between $7.5 billion and $8.5 billion, while Sweetgreen's market cap is around $800 million, and Krispy Kreme is valued at approximately $600 million.
The IPO also represents a lucrative opportunity for private equity backers, including Blackstone and the Abu Dhabi Investment Authority, who are selling shares while maintaining a significant stake in the company. Blackstone holds a controlling majority stake in Jersey Mike's, which has been led by CEO Charlie Morrison since April 2025. Morrison previously served as the CEO of Wingstop for about a decade. Jersey Mike's has nearly 3,300 locations across North America, making it the second-largest sandwich chain in the U.S., trailing only Subway.
The company has reported impressive financial growth, with cumulative same-store sales growth of 50% from 2020 through 2025. In the previous year, Jersey Mike's achieved a net income of $55 million on $724 million in revenue, a significant increase from a net income of $5 million on $653 million in revenue the year before. The company's 99% franchised, asset-light model is designed to generate high operating margins, require limited capital investment, and support strong cash flow generation, making it an attractive investment for potential shareholders.
