Sandwich Chain Jersey Mike’s, Backers Raise $1 Billion in IPO

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Or sign-in if you have an account.(Bloomberg) — Jersey Mike’s Subs Inc. and some of its shareholders raised $1 billion in an initial public offering that priced at the midpoint of its marketed range.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe Tinton Falls, New Jersey-based sandwich chain priced the shares at $23 each, according to a statement on Wednesday. The company offered 13.8 million shares, and backers including Blackstone Inc. and Abu Dhabi Investment Authority offered 29.7 million shares, for $21 to $25.At the IPO price, Jersey Mike’s has a market value of $7.3 billion based on the outstanding shares listed in the filings.The chain joins a surge in newly-listed companies on US exchanges, even though the market for food and beverage retailer IPOs has been relatively weak, with Black Rock Coffee Bar Inc. and Chinese tea chain Chagee Holdings Ltd. slumping in the months after their respective debuts last year.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe Jersey Mike’s IPO was more than 10 times oversubscribed, Bloomberg News has reported. The offering was also being marketed to retail investors in the UK via Winterflood Securities Ltd., a division of Marex Group Ltd., according to a filing. The S&P 1500 Restaurants Index has declined 0.5% this year, underperforming the S&P 500 Index’s 6.9% advance, as operators navigate through a difficult environment, with a pressured, value-seeking consumer, persistent cost inflation, and an elevated promotional environment.Still, sandwiches and other handheld meals are having a moment as diners prioritize convenience at an affordable price, shunning some bowl concepts they’ve come to perceive as overpriced. The chain’s US sales growth has outpaced that of large competitors such as Jimmy John’s, while Subway experienced a decline, according to data from restaurant research firm Technomic Inc. With its restaurant-booking sales of $4.2 billion in 2025, Jersey Mike’s is one of the country’s biggest chains.Jersey Mike’s has more than 3,300 locations in the US and Canada. It partnered with its founder and former Chief Executive Officer Peter Cancro to open approximately 300 stores in the UK and Ireland.It grew revenue to $724 million in 2025, up roughly 11% from $653 million the year prior, according to a previous filing. The franchise model helped to deliver adjusted earnings before interest, taxes, depreciation and amortization of $339 million last year compared with $263 million in the year before, the filing shows.Affiliates of Blackstone are set to hold 68% of the combined voting power after the IPO, the filings show. Jersey Mike’s was acquired by Blackstone last year for about $8 billion including debt. Cancro founded Jersey Mike’s Subs in 1975 at age 17, when he purchased the first Mike’s Subs shop in Point Pleasant, New Jersey. He grew the company for nearly 50 years before transitioning to chairman in April, with Charlie Morrison, former chief executive officer of Wingstop Inc. and Salad and Go, taking the helm. Morgan Stanley, Jefferies Financial Group Inc. and JPMorgan Chase & Co. led the offering. The shares are expected to trade Thursday on the New York Stock Exchange under the symbol JMKE. This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.