Jersey Mike's Subs Inc. made its public market debut on the New York Stock Exchange (NYSE) under the ticker "JMKE," raising approximately $1 billion and valuing the company at $7.3 billion. The stock opened at $21 per share, below its initial public offering (IPO) price of $23, and fell about 3% during trading on Thursday.
The company sold 43.5 million shares, making it one of the largest-ever initial fundraises for a restaurant IPO. Jersey Mike's operates nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway and the largest public chain in the category.
In the fiscal year 2025, Jersey Mike's reported net income of $55 million on total revenue of $724 million, with same-store sales increasing 3%. CEO Charlie Morrison attributed the chain's resilience to its higher-income customer base, which has been less affected by broader consumer spending pullbacks.
Blackstone, which acquired a majority stake in Jersey Mike's in 2024 for $8 billion, retains 86% of the company's voting power post-IPO. The private equity firm transformed the company's operations, bringing in professional managers and establishing a corporate board, while maintaining the brand's core sandwich offerings.
Jersey Mike's founder Peter Cancro stepped down as CEO after the Blackstone deal, becoming a board member. The company's leadership now includes industry veterans such as former Dunkin' CEO Nigel Travis and former Wingstop CEO Charles Morrison.