Jersey Mike’s joined the public market Thursday in one of the industry’s largest IPOs ever, but its stock finished the day below its offering price.
The sandwich chain priced approximately 43.5 million shares at $23 apiece, the midpoint of its marketed range of $21 to $25. The offering raised about $1 billion and gave Jersey Mike’s an initial valuation of roughly $7.3 billion.
Shares opened at $21 on the New York Stock Exchange under the ticker “JMKE,” representing an 8.7 percent drop from the IPO price. The stock recovered some of that ground before closing Thursday at $21.63, down approximately 6 percent. Jersey Mike’s ended its first trading session with a market value of about $6.9 billion.
Blackstone acquired a controlling interest in Jersey Mike’s in late 2024 through a transaction that valued the chain at approximately $8 billion. Founder Peter Cancro retained a significant ownership stake, and former Wingstop CEO Charlie Morrison was later appointed chief executive to guide the company through its next stage.
Jersey Mike’s operates approximately 3,300 restaurants across the U.S. and Canada, with roughly 99 percent run by franchisees. The system generates $4.3 billion in annual sales, and average unit volume reached approximately $1.4 million in fiscal 2025.
The company reported about $55 million in net income during fiscal 2025 and an adjusted EBITDA margin of roughly 47 percent. It has also produced 20 consecutive years of positive same-store sales growth. Comparable sales rose 8.4 percent in 2023, 2 percent in 2024, and 3.2 percent last year.
Much of the company’s public-market growth case centers on new restaurant development. Jersey Mike’s has a pipeline of more than 1,600 future locations, with existing franchisees accounting for over 90 percent of those commitments. Management believes the chain can eventually support about 7,500 domestic restaurants and as many as 15,000 locations globally.
Jersey Mike’s has signed development agreements for 300 restaurants in Canada and another 300 across the U.K. and Ireland. The first U.K. locations are expected to open near the end of 2026, with Cancro leading the European expansion.
The chain also serves more than 12.5 million active loyalty members and spends upward of $200 million annually on advertising. Aided brand awareness exceeded 90 percent in 2025, and Jersey Mike’s recently took the top spot in the American Customer Satisfaction Index’s quick-service rankings, ending Chick-fil-A’s 11-year run at No. 1.
