Jersey Mike has quietly filed for an IPO, the company announced on Monday. This is a significant move towards going public, more than a year after Blackstone took a majority stake in a deal that valued the chain at around $8 billion.
After the acquisition, Jersey Mike's brought on Charlie Morrison, the former CEO of Wingstop, to take the reins. He previously led Wingstop through its IPO and a phase of quick growth.
With over 3,000 locations in the U.S., Jersey Mike's is the second-largest hoagie sandwich chain, just behind Subway. They reported a revenue of $309.8 million in 2025, which is a 10.6 percent increase from the previous year. However, their net income dropped to $183.6 million, down from $238.8 million the year before.
The chain was started by Peter Cancro, who began working in a sandwich shop at just 14 years old back in 1971. He later bought Mike's Subs, rebranded it, and grew it into a national franchise. Cancro was the sole owner until the Blackstone deal.
This confidential filing is just the beginning of the IPO process. If it goes through, it would be one of the first restaurant IPOs since Black Rock Coffee Bar went public in September, coming at a time when IPO activity has slowed down due to market volatility and economic uncertainty.
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