Jersey Mike’s has publicly filed a registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).
The filing does not yet include the number of shares to be sold or the expected price range.
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The proposed listing comes less than two years after Jersey Mike’s was acquired by private equity firm Blackstone.
A significant portion of the IPO proceeds is expected to be used to reduce debt. Earlier this year, the company borrowed $760m through a whole business securitisation, using the money to refinance earlier debt and fund a dividend to Blackstone.
Jersey Mike’s said it now has $2.1bn in long-term debt.
The company plans to trade on the New York Stock Exchange under the ticker symbol JMKE.
Jersey Mike’s said it operates about 3,300 restaurants across the US and Canada, with annual systemwide sales of $4.3bn and average unit volumes of roughly $1.4m.
It said same-store sales have risen every year for the past 20 years and are up a combined 50% over the last five years. System sales have increased 90% since 2021.
In fiscal 2025, the company reported net income of around $55m and an adjusted EBITDA margin of about 47%.
The chain added that its development pipeline exceeds 1,600 future restaurants, with more than 90% of those commitments coming from existing franchisees.
About 99% of its restaurants are franchised.
Jersey Mike’s has also signed agreements for 300 restaurants in Canada and another 300 across the UK and Ireland.
Cancro is leading the European expansion, with the first UK sites expected to open near the end of 2026.
Charlie Morrison, who took over for Cancro following the Blackstone deal, said the company also sees scope for further growth in the US.
“With more than 3,300 stores across the United States and Canada, we have achieved significant national scale, yet we believe we are still in the early innings of our domestic growth opportunity,” he said in the filing.
“We benefit from best-in-class brand awareness, a highly portable model, and strong momentum across both established and newer markets.”
Morgan Stanley, Jefferies and J.P. Morgan are acting as global co-ordinators and joint bookrunning managers for the proposed offering.
Barclays and Guggenheim Securities are acting as co-global co-ordinators and joint bookrunning managers.
