Jersey Mike's raises $1B in a landmark IPO

Sub-specialist Jersey Mike's priced a landmark initial public offering to raise $1 billion, officially joining the ranks of public companies less than two years after it was sold to the private-equity firm Blackstone.

Jersey Mike’s was scheduled to begin trading on the New York Stock Exchange Thursday morning using the ticker symbol JMKE.

IPO and company history

The IPO comes about a year and a half after the 70-year-old chain was acquired by private-equity firm Blackstone in January 2025 for the purchase price of $6.3 billion.

Founder Peter Cancro, who at age 17 bought a tiny sub shop with a loan from his high school football coach, grew the chain and was its only CEO before the sale to Blackstone. Cancro is still involved as a significant shareholder and the master franchise operator in the United Kingdom and Ireland, where he sees room for 300 units to start.

Leadership and growth plans

Blackstone last year brought in Charlie Morrison as CEO of Jersey Mike’s. Morrison is an IPO veteran, having taken Wingstop public in 2015.

Meanwhile, Jersey Mike’s had about 3,300 units, almost all franchised, in the U.S. and Canada at the end of the first quarter, with system sales of $4.3 billion. The chain’s average unit volume is $1.4 million, which is nearly three times that of competitor Subway.

In filings with the U.S. Securities and Exchange Commission, Jersey Mike’s said it sees room for 7,500 units domestically, and another 7,500 globally, for a total of 15,000 worldwide in time.