Jersey Mike’s Subs has taken a key step toward going public, confidentially filing for an initial public offering with the U.S. Securities and Exchange Commission, as majority owner Blackstone Inc. explores a valuation of around $12 billion for the fast-growing sandwich franchise.
Details of the proposed offering, including the number of shares and pricing, have not yet been finalised, according to reports.
The move signals a sharp step-up from late 2024, when Blackstone acquired a majority stake in the business from founder Peter Cancro in a deal valued at approximately $8 billion, including debt. Cancro, who has led the brand for nearly five decades, now serves as chairman and remains an active franchisee.
Founded in 1956 as Mike’s Subs in Point Pleasant, New Jersey, the brand’s modern trajectory began when Cancro, then a teenager working at the store, purchased the business at 17 in 1975. He later rebranded it as Jersey Mike’s and began franchising in the late 1980s, laying the foundation for its national expansion.
Today, Jersey Mike’s operates more than 3,300 locations across the United States and Canada, making it the second-largest hoagie sandwich chain in the country behind Subway, which has more than 13,000 U.S. outlets and roughly 37,000 globally.
The franchise has delivered strong growth in recent years. Systemwide sales crossed $3 billion in 2023 and climbed to $4.2 billion in 2025. Average unit volumes reached approximately $1.37 million, according to its Franchise Disclosure Document, while total locations grew by about 8% year-on-year, based on data cited from Technomic. Over the same period, Subway has seen declines in both sales and unit count.
Blackstone has been actively building a portfolio of franchise-led brands, including ownership of Tropical Smoothie Cafe and an investment in drive-thru coffee concept 7 Brew.
Following its investment, Blackstone installed Charlie Morrison as chief executive. Morrison previously led Wingstop and oversaw its IPO and expansion, bringing public market experience as Jersey Mike’s prepares for a potential listing.
International expansion is also gaining pace. Earlier this year, Jersey Mike’s announced plans to enter Europe through a deal with JM Submarines UK LTD, led by Cancro, to open 400 locations across the United Kingdom and Ireland, marking the brand’s first major push into the region. Leadership has also been accelerating development in Canada, underscoring a broader global growth strategy.
The confidential filing represents an initial step in the IPO process and does not guarantee that the company will go public. Industry watchers note that brands such as Panera Bread have filed confidentially in the past without ultimately proceeding to listing.
If completed, Jersey Mike’s would mark one of the most significant restaurant IPOs in recent years and could be the first in the sector since Black Rock Coffee Bar went public in 2025.
IPO activity has picked up more broadly, with 374 listings recorded in 2025, up from 246 in 2024, reflecting improved market conditions for new offerings.
