Jersey Mike's IPO: How Blackstone and Rapid Growth Position the Sandwich Chain

Jersey Mike’s is preparing for a potential initial public offering after confidentially filing an S-1 with the U.S. Securities and Exchange Commission, according to a recent press release.

The brand’s rapid expansion is a key driver behind this decision. Jersey Mike’s has grown from 2,387 locations at the start of 2023 to more than 3,200 stores in early 2026, positioning itself as a serious challenger to Subway in the sub sandwich category. This growth has been further accelerated by Blackstone's acquisition of a majority stake in 2024.

A major differentiator for Jersey Mike’s is its strong unit-level performance. The brand reports an average unit volume of about $1.4 million for mature stores, significantly higher than Subway’s estimated $500,000 AUV.

While IPO activity was relatively quiet in 2025, the successful public debut of Black Rock Coffee Bar has raised optimism that more brands could follow. At the same time, several restaurant companies, such as Denny’s, have moved in the opposite direction, going private or exploring alternatives to avoid public-market pressures.