Jersey Mike’s Subs filed for an initial public offering on the New York Stock Exchange on July 2, targeting a valuation of at least $12 billion, marking one of the largest restaurant IPOs in recent history.
The sandwich chain, backed by private equity firm Blackstone, will trade under the ticker “JMKE” and expects to raise more than $1 billion from the offering. Morgan Stanley, Jefferies, and J.P. Morgan are underwriting the deal.
Jersey Mike’s reported $724 million in total revenue and $55 million in net income in fiscal 2025, a significant jump from $5 million in net income on $653 million in revenue the prior year. The chain has demonstrated strong growth, with cumulative same-store sales climbing 50 percent from 2020 through 2025, according to its SEC filing.
Blackstone acquired a majority stake in Jersey Mike’s for $8 billion in January 2025, less than two years before the IPO filing. The transaction reflects the private equity firm’s broader strategy of investing in franchise operators with proven unit economics and expansion potential.
The $12 billion valuation represents a 50 percent premium over Blackstone’s purchase price, signaling strong confidence in the chain’s trajectory. Jersey Mike’s operates nearly 3,300 locations across North America, making it the second-largest sandwich chain in the country behind Subway, and has been expanding rapidly in recent years.
The IPO filing revealed details about founder Peter Cancro’s compensation arrangements following the Blackstone deal. Cancro’s stepson, Phillip Sivolobov, received $50.5 million in total compensation from 2023 to 2025, while Cancro’s brother John received about $21 million and his brother-in-law Daniel Powers amassed more than $31 million over fiscal 2024 to 2025. The filings also showed a $41 million aircraft was transferred to an entity controlled by Cancro, with the company paying him $166,666.66 monthly for air travel-related business expenses.
Cancro stepped down as CEO in April 2025 and was replaced by Charlie Morrison, the former CEO of Wingstop. Cancro remains on the company’s board and retains meaningful equity. In a letter to shareholders, Cancro expressed confidence that Morrison and Blackstone’s experience with leading franchisors will help scale the brand domestically and internationally.
Jersey Mike’s IPO comes as part of a broader wave of public market activity. Inspire Brands, the parent company of Dunkin’ and Buffalo Wild Wings, is targeting a $20 billion valuation after confidentially filing for an IPO in May. The timing reflects renewed investor appetite for restaurant and franchise businesses amid broader market optimism.
Sources
- Yahoo Finance/Fortune — IPO filing details, compensation disclosures, founder background, and $12 billion valuation
- CNBC — July 2 filing date, same-store sales growth, and Blackstone’s $8 billion acquisition in January 2025
- Reuters — IPO filing confirmation, $483 million in royalties and other revenue in 2025
- Restaurant Dive — Average unit volume of $1.4 million and 50% cumulative same-store sales growth
- NJBIZ — Blackstone acquisition completion date and $12 billion valuation target
- SEC Filing (Form S-1) — Official registration statement with financial data and corporate structure details
