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Jersey Mike’s Wants to Go Public. The NJ Sandwich Chain Could Be Worth $12B.

A Jersey Mike's Subs restaurant storefront with red awnings and the iconic logo sign
  • Michael Rivera, CC BY-SA 4.0 , via Wikimedia Commons

Jersey Mike’s Wants to Go Public. The NJ Sandwich Chain Could Be Worth $12B.

A Jersey Mike's Subs restaurant storefront with red awnings and the iconic logo sign
  • Michael Rivera, CC BY-SA 4.0 , via Wikimedia Commons

Peter Candia

When Jersey Mike’s was sold to private equity in 2024, rumors swirled of what would happen next for the brand. Now, the popular sandwich chain is filing for an initial public offering (IPO).

The IPO, which was filed confidentially, comes less than two years after Jersey Mike’s was acquired by Blackstone for $8 billion. 

According to Bloomberg, the brand is seeking a valuation of at least $12 billion—and $1 billion is expected to be generated by the IPO. The price and number of shares has yet to be determined, with a timeline set for the third quarter of this year to complete a first-time share sale. 

Since being acquired, revenue has gone up. Jersey Mike’s reported $309.8 million in revenue in 2025—up 10.6% from 2024. However, net income fell to $183.6 million from $238.8 million. 

With more than 3,000 stores nationwide, Jersey Mike’s is the second-largest sandwich chain in the U.S. trailing only Subway. An additional 400 stores are planned to open across the UK and Ireland as part of the brand’s continued expansion. 

If Jersey Mike’s successfully goes public, it will mark the first restaurant IPO since Black Rock Coffee in September of this year. 

Worldwide Chain With Jersey Roots

Jersey Mike’s was founded in 1956 as Mike’s Subs in Point Pleasant, New Jersey. Peter Cancro purchased the original store in 1975 and began franchising in 1987, building the brand over a 50-year career. 

Cancro stepped down as CEO earlier this year, handing the reins to Charlie Morrison—a restaurant industry veteran who previously led Wingstop through its own IPO. Cancro remains Chairman of the Board.

Now, a new chapter awaits for Jersey Mike’s. Time to stock up on sandwiches.

Peter Candia is the Food + Drink Editor at New Jersey Digest. A graduate of The Culinary Institute of America, Peter found a passion for writing midway through school and never looked back. He is a former line cook, server and bartender at top-rated restaurants in the tri-state area. In addition to food, Peter enjoys politics, music, sports and anything New Jersey.

Picture of Peter Candia

Peter Candia

Peter Candia is the Food + Drink Editor at New Jersey Digest. A graduate of The Culinary Institute of America, Peter found a passion for writing midway through school and never looked back. He is a former line cook, server and bartender at top-rated restaurants in the tri-state area. In addition to food, Peter enjoys politics, music, sports and anything New Jersey.