Jersey Mike's targets $12 billion valuation in NYSE IPO filing

Jersey Mike's Subs Inc. filed a Form S‑1 registration statement with the U.S. SEC, announcing a proposed initial public offering on the New York Stock Exchange under the ticker JMKE. The company, owned majority‑wise by private‑equity firm Blackstone, is seeking a valuation of more than $12 billion.

The sandwich franchise operates over 3,300 locations across all 50 U.S. states and runs a largely franchised model. In fiscal 2025 it generated roughly $4.3 billion in systemwide sales, $724 million in revenue and about $55 million in net income, reflecting strong same‑store sales growth of 50 % since 2020. A development pipeline of more than 1,600 stores is slated for opening, with franchisees expected to open the majority of new sites.

Jersey Mike's also outlined plans to expand internationally, targeting markets such as Canada, the United Kingdom and Ireland. Leading banks including Morgan Stanley, JPMorgan, Jefferies, Barclays and Guggenheim are acting as coordinators and book‑running managers for the offering.