Sandwich chain Jersey Mike’s confidentially recordsdata for IPO

Jersey Mike’s has confidentially filed for an preliminary public providing, the firm mentioned Monday.

The announcement comes greater than a yr after Blackstone purchased a majority stake within the sandwich chain in a deal that reportedly valued Jersey Mike’s at roughly $8 billion.

After the Blackstone deal closed, Jersey Mike’s tapped former Wingstop CEO Charlie Morrison to helm the corporate. Morrison led the hen wing chain for a decade, ushering it by means of its personal IPO and a interval of historic development.

With greater than 3,000 areas nationwide, Jersey Mike’s is the second-largest hoagie sandwich chain within the U.S., trailing solely Subway.

Jersey Mike’s reported income of $309.8 million in 2025, up 10.6% from the prior yr, in keeping with franchise disclosure paperwork. The chain additionally reported web earnings of $183.6 million in 2025, down from the prior yr’s web earnings of $238.8 million.

Founder Peter Cancro started working at a Jersey Shore sandwich store at age 14 in 1971; 4 years later, he pulled collectively sufficient cash to purchase Mike’s Subs. Cancro later modified the identify and started franchising the chain. Till the sale to Blackstone, he was the outright proprietor of Jersey Mike’s.

The confidential submitting is step one for Jersey Mike’s to be publicly traded. If it goes public, it is going to mark the primary restaurant IPO since Black Rock Espresso Bar’s providing in September.

The marketplace for preliminary public choices has been tepid, though that would change this yr. Market volatility, financial uncertainty and up to date poor efficiency amongst IPO shares has led to a backlog of listings. Nevertheless, a number of blockbuster IPOs, such because the SpaceX providing that would worth the corporate at $1 trillion, are anticipated within the coming months.

Correction: Jersey Mike’s reported income of $309.8 million in 2025. A earlier model of this text misstated the quantity.