Jersey Mike's debuted on the New York Stock Exchange under ticker "JMKE," opening at $21, below its $23 IPO price, and closing down 6%. The IPO raised $1 billion, valuing the company at $7.3 billion, making it one of the largest restaurant IPO fundraises. The chain plans significant international expansion.
Sandwich chain Jersey Mike's has filed for an initial public offering (IPO) to trade on the NYSE under "JMKE," reporting $55 million net income on $724 million revenue last year and 50% cumulative same-store sales growth from 2020-2025, despite a sluggish industry.
Jersey Mike's has confidentially filed for an IPO, the company said Monday, more than a year after Blackstone bought a majority stake reportedly valuing the sandwich chain at $8 billion. The chain, with over 3,000 locations nationwide and the second-largest hoagie brand after Subway, reported 2025 revenue of $309.8 billion, up 10.6% year-over-year, though net income fell to $183.6 million from $238.8 million. Founder Peter Cancro, who started working at a Jersey Shore shop at age 14 in 1971 and bought Mike's Subs in 1975, was the outright owner until the Blackstone sale.
