Jersey Mike's files for IPO, targets $12B valuation

Kimberly Redmond//April 20, 2026//

Jersey Mike’s serves authentic fresh sliced, fresh grilled subs on freshly baked bread — the same recipe it started with in 1956. - PROVIDED BY JERSEY MIKE'S

Kimberly Redmond//April 20, 2026//

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Jersey Mike’s Subs has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission.

In an April 20 statement, the Manasquan-based chain said it has not yet set the price range or the number of shares it will offer.

However, sources familiar with the matter told Bloomberg that Jersey Mike’s has set its sights on a valuation exceeding $12 billion. They also said the IPO could debut as early as the third quarter of 2026.

The move comes more than a year after Jersey Mike’s completed the sale of a majority stake to private equity giant Blackstone for a reported $8 billion.

After finalizing the acquisition, Jersey Mike’s tapped former Wingstop CEO Charlie Morrison to helm the company. The franchise industry veteran’s decade with the chicken chain included ushering it through an IPO as well as leading a period of historic growth.

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After starting out in 1956 as a small sandwich shop in Point Pleasant, Jersey Mike’s is considered one of the fastest-growing chains in the country.

Its footprint of more than 3,300 locations includes 147 stores in New Jersey. The franchise also has about 300 stores in development across the U.S., according to its website.

Additionally, Jersey Mike’s is setting the stage for international growth.

The banner expects to open 300 outposts across Canada by 2034 through a strategic partnership with operator Redberry Restaurants.

Jersey Mike's Subs in Toronto's Union Station — Redberry Restaurants opened the first downtown Toronto Jersey Mike’s Subs in the Union Market area of Union Station Jan. 22, 2025. – PROVIDED BY SPLASH LLC

As part of a franchise agreement with a group led by former Jersey Mike’s CEO and current board Chairman Peter Cancro, the chain aims to add 400 stores in the United Kingdom and Ireland.

According to Technomic data, Jersey Mike’s systemwide sales went from $3.7 billion in 2024 to $4.2 billion in 2025. Average unit volume was $1.36 million last year, up from $1.33 million.

Nation’s Restaurant News noted Jersey Mike’s is potentially setting up one of the industry’s biggest such offerings in years.

If Jersey Mike’s follows through, it will be the first chain to go public since Black Rock Coffee Bar in 2025. CAVA and Gen Korean BBQ went public in 2023, while Dutch Bros, First Watch, Krispy Kreme, Portillo’s and Sweetgreen did so in 2021.