Jersey Mike's sets initial public offering price range

Jersey Mike’s sets initial public offering price range

Jersey Mike’s is set to begin trading on the New York Stock Exchange this week, with its initial public offering (IPO) priced on July 30. The sandwich chain is expected to be one of the highest-profile IPOs of the year, with investor demand said to be more than 10 times the total available shares.

The company is seeking to raise as much as $1.09 billion, with shares expected to trade for between $21 and $25 per share. This is a significant move for the 70-year-old company, which has a wide footprint of more than 3,000 locations.

Jersey Mike’s will trade on the New York Stock Exchange under the symbol JMKE. However, shareholders will not have voting control of the company, as Blackstone, the private equity giant that acquired a majority stake in November 2024, will still have a firm grip on the company.

According to the amended S-1 form filed with the Securities and Exchange Commission, just 13.7 percent of the company’s voting power will be transferred to shareholders, while the remaining 86.3 percent will remain with the pre-IPO owners.

Blackstone holds a majority share in Jersey Mike’s, following its $8 billion acquisition in 2024. Peter Cancro, the company’s chairman, retained a 10 percent stake in the company at the time.

Other notable shareholders include Charles Morrison, the company’s CEO, who holds shares valued at more than $18.7 million, and Michele Allen, the CFO, who holds shares worth $2.8 million. They also have a board of directors consisting of nine people, including Nigel Travis, Francis Horowitz, and David Kestnbaum.

Mathew Bromberg, the CEO of Unity Software, is listed as a director nominee and joined the board on July 8. The company’s leadership team is essential to its success.

Jersey Mike’s has proven to be resilient in the current economy, with systemwide sales hitting $4.3 billion last year, representing a 13 percent year-over-year growth. Total revenue reached $724 million, with $55 million in net income. It has seen same-store sales growth for nearly 20 consecutive years.

The company has a cumulative 50 percent increase in sales between 2020 and 2025. Jersey Mike’s plans to use most of the money it makes from the stock sale to repay debt.

Jersey Mike’s has ambitious domestic and international expansion plans. The company estimates that the number of locations in the U.S. could grow to 7,500, up from the current 3,300. Internationally, it believes it has a meaningful expansion opportunity, with the potential to grow to approximately 15,000 stores globally over the long term.

As the company looks to the future, its strong financial performance and expansion plans will continue to attract investors. With its proven track record and ambitious goals, Jersey Mike’s is poised for continued growth and success.