Jersey Mike's (JMKE.US) IPO priced at $21-25 per share, expected to become the ninth largest food and beverage company in the United States by market value.

Blackstone-backed sandwich chain brand Jersey Mike's Subs (JMKE.US) announced on Monday that it has initiated its initial public offering (IPO) roadshow, intending to issue 43,478,261 shares of Class A common stock, which will be sold by the company and some shareholders. The company expects the IPO pricing range to be between $21.00 and $25.00 per share. In addition, selling shareholders are expected to grant underwriters a 30-day option to purchase up to an additional 6,521,739 shares of the company's Class A common stock at the IPO price (excluding underwriting discounts and commissions). Based on the higher end of the IPO pricing range, Jersey Mike's will raise nearly $1.09 billion, with a valuation exceeding $12 billion, making it the ninth largest restaurant company by market value in the United States, slightly higher than CAVA Group (CAVA.US) and Dutch Bros (BROS.US). This sandwich chain has over 3,300 locations in the United States and several in Canada. In the 2025 fiscal year, the company's revenue exceeded $4 billion (including franchise locations), with a net profit of $55 million. Last year, Jersey Mike's achieved growth in same-store sales and added over 250 new locations. It is worth noting that according to the American Customer Satisfaction Index, Jersey Mike's has surpassed Chick-fil-A to become the highest-rated fast-food brand. The company is headquartered in Trenton Falls, New Jersey and has a history dating back to 1956, widely considered one of the fastest-growing fast-food brands. More importantly, consumer surveys show that the brand has high awareness and a good reputation. Looking ahead, Jersey Mike's announced plans to aggressively promote international expansion, signing franchise agreements to open 400 locations in the UK and Ireland as part of its global expansion strategy. Jersey Mike's IPO is expected to provide funding support for international expansion, while giving investors the opportunity to participate in a scalable franchise track, which can generate steady franchise fee income while also having the advantage of light asset operations. Jersey Mike's plans to list on the New York Stock Exchange under the ticker symbol "JMKE". The joint book-running manager lineup for this IPO is extensive, including Morgan Stanley, Jefferies Financial Group Inc., JPMorgan Chase, Barclays, Guggenheim Securities, Bank of America Securities, Goldman Sachs Group, Inc., among others.