Sandwich chain Jersey Mike’s Subs has taken a step towards going public by confidentially filing with the US Securities and Exchange Commission (SEC).
In a brief statement, the company said that it confidentially submitted a draft registration statement on Form S-1 with the SEC related to a proposed initial public offering (IPO) of its Class A common stock.
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The company has not yet decided how many Class A shares it will offer or what price range it may target.
The statement noted: “The offering is subject to market and other conditions and the completion of the SEC’s review process.”
Filing confidentially is the first milestone on the path to becoming a public company.
The development comes after Blackstone acquired a controlling stake in Jersey Mike’s Subs in November 2024 for $8bn, including debt.
In April 2025, Jersey Mike’s appointed former Wingstop chief executive Charlie Morrison as its CEO.
Morrison led Wingstop for approximately a decade, including through its public listing and subsequent growth phase.
Founded in 1956, Jersey Mike’s Subs operates more than 3,200 restaurant locations in the US and Canada.
The company posted $309.8m in revenue in 2025, up 10.6% from the prior year, CNBC reported, citing franchise disclosure filings.
However, profit fell year-over-year, with net income dropping to $183.6m in 2025 from $238.8m previously.
In January this year, Jersey Mike’s Subs signed a franchise agreement with JM Submarines UK to open 400 stores in the UK and Ireland.
The agreement marked the first European expansion for the restaurant brand, which plans to open its first location this year.
