Sandwich chain Jersey Mike’s confidentially files for IPO

Jersey Mike’s has filed confidentially for an initial public offering. the company said Monday.

The announcement comes more than a year after Blackstone acquired a majority stake in the sandwich chain in a deal that reportedly valued Jersey Mike’s at around $8 billion.

Jersey Mike’s former name after Blackstone deal closed wing stopper CEO Charlie Morrison will take over the company. Morrison ran the chicken wing chain for a decade, launching his own IPO and a historic period of growth.

With more than 3,000 locations nationwide, Jersey Mike’s is the second-largest hoagie sandwich chain in the United States, after Subway.

Jersey Mike’s reported revenue of $309.8 million in 2025, up 10.6% from the previous year, according to franchise disclosure documents. The chain also reported net income of $183.6 million in 2025, up from the previous year’s net income of $238.8 million.

Founder Peter Cancro started working at a Jersey Shore sandwich shop in 1971 at the age of 14; four years later he raised enough money to buy Mike’s Subs. Cancro later changed its name and began franchising the chain. He was the original owner of Jersey Mike’s until it was sold to Blackstone.

The confidential filing is the first step in Jersey Mike’s IPO. If it goes public, it would be the first restaurant IPO since Black Rock Coffee Bar’s IPO in September.

The market for initial public offerings has been calm, but that could change this year. Market volatility, economic uncertainty and recent poor performance among IPO stocks have led to a backlog of listings. But several blockbuster IPOs are expected in the coming months, such as the SpaceX offering that could value the company at $1 trillion.

Correction: Jersey Mike’s revenue is reported to be $309.8 million in 2025. A previous version of this article stated this amount incorrectly.