Jersey Mike's files $12 billion IPO, reveals $50 million family payouts and $41 million jet transfer

Jersey Mike's Submarines filed a Form S‑1 seeking a $12 billion initial public offering on the New York Stock Exchange under the ticker JMKE. The prospectus disclosed that founder Peter Cancro’s family received large compensation payments, including $50.5 million to his stepson Phillip Sivolobov, about $21 million to his brother John Cancro, and more than $31 million to brother‑in‑law Daniel Powers. It also revealed a $41 million private jet transferred to an entity controlled by Cancro, with the company paying $166,666.66 per month for travel expenses.

Blackstone acquired a majority stake in 2024, and Cancro stepped down as CEO in April 2025, succeeded by Charlie Morrison, formerly of Wingstop. The chain operates roughly 3,300 North American locations, making it the second‑largest U.S. sandwich chain, and reported $724 million in revenue and $55 million net income for the most recent year, with same‑store sales up 50% from 2020‑2025. The filing notes plans to control master franchise rights for 300 future locations in the United Kingdom and Ireland.