A Jersey Mike’s restaurant in Walnut Creek, California on November 21, 2024.
David Paul Morris | Bloomberg | Getty Images
Jersey Mike’s has confidentially filed for an initial public offering, the company announced Monday.
The announcement comes more than a year after Blackstone acquired a majority stake in the sandwich chain in a deal that would have valued Jersey Mike’s at around $8 billion.
After the Blackstone deal closed, Jersey Mike tapped the former Wing stop CEO Charlie Morrison to lead the company. Morrison led the chicken wing chain for a decade, leading it to 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 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 began working at a sandwich shop on the Jersey Shore at age 14 in 1971; four years later, he scraped together enough money to buy Mike’s Subs. Cancro later changed the name and began franchising the chain. Until the sale to Blackstone, he was the absolute owner of Jersey Mike’s.
The confidential filing is the first step in getting Jersey Mike’s publicly traded. If it goes public, it will be the first restaurant IPO since Black Rock Coffee Bar’s offering in September.
The IPO market has been lukewarm, although that could change this year. Market volatility, economic uncertainty and recent poor performance of IPO stocks have led to a backlog of listings. However, several blockbuster IPOs, such as SpaceX’s, which 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.