Sandwich chain Jersey Mike’s is filing for an IPO

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

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

After completing the Blackstone deal, Jersey Mike’s signed the former Wingstop CEO Charlie Morrison to lead the company. Morrison led the chicken wing chain for a decade, guiding it through its own IPO and a period of historic growth.

With more than 3,000 locations nationwide, Jersey Mike’s is the second-largest hoagie sandwich chain in the United States, behind only 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, down from the previous year’s net income of $238.8 million.

Founder Peter Cancro started working at a Jersey Shore sandwich shop at age 14 in 1971; Four years later, he made enough money to buy Mike’s submarines. Cancro later changed the name and began franchising the chain. Until the sale to Blackstone, he was the full owner of Jersey Mike’s.

The secret filing is the first step to taking Jersey Mike’s stock publicly traded. If it goes public, it would be the restaurant’s first IPO since Black Rock Coffee Bar went public in September.

The IPO market has been tepid, although that may change this year. Market volatility, economic uncertainty and recent poor performance among IPO stocks have led to a backlog of listings. However, several blockbuster IPOs, such as SpaceX’s offering that could value the company at $1 trillion, are expected in the coming months.

Correction: Jersey Mike’s reported revenue of $309.8 million in 2025. A previous version of this article misstated the amount.