Jersey Mike's launches IPO, plans to list on NYSE

After months of speculation, Jersey Mike's Subs Inc. said Monday it has begun a roadshow for its initial public offering, moving forward with plans to sell 43,478,261 shares of Class A common stock.

The sandwich chain and certain existing stockholders are offering the shares at an expected price of $21 to $25 each, according to a company announcement. The selling stockholders are also expected to give underwriters a 30-day option to buy up to 6,521,739 additional shares to cover over-allotments, according to a company press release.

Morgan Stanley, Jefferies and J.P. Morgan are serving as global coordinators and joint bookrunning managers for the offering. Barclays and Guggenheim Securities are acting as co-global coordinators and joint bookrunning managers. A large group of additional banks, including BofA Securities, Goldman Sachs, Evercore ISI and UBS Investment Bank, are also serving as joint bookrunning managers, while Blackstone, PJT Partners and several other firms are acting as co-managers.

The offering will be made only through a prospectus. A registration statement on Form S-1 covering the securities has been filed with the Securities and Exchange Commission but has not yet taken effect. The company said the shares may not be sold, and offers to buy may not be accepted, until the registration statement becomes effective.

Founded in 1956 as Mike's Subs in Point Pleasant, New Jersey, Jersey Mike's has grown into one of the largest sub sandwich franchisors in the country, with more than 3,300 locations across the U.S. and Canada. The chain markets itself under the slogan "A Sub Above," pointing to its use of fresh-sliced meats and cheeses. It was named the No. 1 sandwich chain in America in 2025.

The IPO would mark one of the more closely watched restaurant industry debuts of the year, as investors weigh the strength of fast-casual and quick-service brands in the current market.