November 21, 2024 at Jersey Mike’s Restaurant in Walnut Creek, California.
David Paul Morris | Bloomberg | Getty Images
Jersey Mike’s has secretly filed for an initial public offering, the company announced Monday.
The announcement comes more than a year after Blackstone acquired a majority stake in Jersey Mike’s in a deal that reportedly valued the company at about $8 billion.
Jersey Mike’s named former player after deal with Blackstone was finalized wingstop CEO Charlie Morrison will lead the company. Mr. Morrison led the chicken wing chain for 10 years, guiding it through its own IPO and a period of historic growth.
With more than 3,000 stores nationwide, Jersey Mike’s is the second largest hoagie sandwich chain in the United States after Subway.
Jersey Mike’s will report 2025 revenue of $309.8 million, up 10.6% from the previous year, according to the franchise’s disclosure documents. The chain also reported 2025 net income of $183.6 million, down from $238.8 million in net income the year before.
Founder Peter Cancro started working at a Jersey Shore sandwich shop in 1971 at the age of 14. Four years later, he had raised enough money to buy Mike’s submarine. Cancro later changed the name and began franchising the chain. He was the full owner of Jersey Mike’s until it was sold to Blackstone.
The confidential filing is Jersey Mike’s first step toward going public. If it goes public, it would be the first restaurant IPO since Black Rock Coffee Bar went public in September.
The initial public offering market has been depressed, but that could change this year. Market volatility, economic uncertainty, and the recent poor performance of IPO stocks have resulted in outstanding listings. But several big IPOs are planned in the coming months, including one for SpaceX’s offering that could value the company as much as $1 trillion.
Correction: Jersey Mike’s reported 2025 revenue of $309.8 million. A previous version of this article incorrectly listed the amount.
