Deal Details

Jersey Mike's Completes $1.0 Billion Initial Public Offering

Consumer

Jersey Mike's initial public offering

Summary

Jersey Mike’s Subs Inc. (“Jersey Mike’s” or the “Company”), a portfolio company of Blackstone (or the “Selling Stockholder”), recently priced its initial public offering of 43,478,261 shares of its Class A common stock at a public offering price of $23.00 per share, generating gross proceeds of approximately $1.0 billion (the “Offering”). In connection with the Offering, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 6,521,739 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Jersey Mike’s will not receive any proceeds from the sale of Class A common stock by the Selling Stockholders. Jersey Mike’s intends to use the net proceeds from the offering to repay certain indebtedness and for general corporate purposes.

Baird served as a Bookrunner on this Offering.

Key Offering Metrics

Pricing Date - July 29, 2026
Exchange / Ticker - NYSE / JMKE
Initial Filing Range - $21.00 - $25.00
Offer Price - $23.00
Base Offering Size - $1.0 billion (32% primary / 68% secondary)
Diluted Market Cap - $7.3 billion
Enterprise Value - $8.9 billion
Sponsor - Blackstone
Execution - 8-Day roadshow

About

Jersey Mike's is a leading fast-casual restaurant franchisor with more than 3,300 locations across the United States and Canada. Founded in 1956 as Mike's Subs in Point Pleasant, New Jersey, the Company has grown from a single neighborhood sub shop into one of the fastest-growing restaurant brands in America. Jersey Mike's differentiates itself through its "A Sub Above" positioning, emphasizing fresh-sliced meats and cheeses, authentic recipes and a distinctive customer experience that has earned recognition as the #1 Best Sandwich Chain in America in 2025. Jersey Mike’s is headquartered in Tinton Falls, New Jersey.

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Blackstone is headquartered in New York, New York.

Consumer

Jersey Mike's initial public offering