The basics:

• Jersey Mike’s targeting valuation of up to $7.94B in its IPO
• Tinton Falls-based chain plans to raise up to $1.09B
• Company expects to trade on NYSE under ticker symbol JMKE
• Franchise has 3,300 locations, pipeline of more than 1,600 stores

Jersey Mike’s Subs is eyeing a valuation of up to $7.94 billion in its initial public offering in the U.S.

In a July 20 statement, the Tinton Falls-based chain said it is seeking to raise up to $1.09 billion by offering 43.5 million shares of Class A common stock priced between $21 and $25 apiece.

According to Jersey Mike’s, the underwriters will also have the option to purchase up to 6.5 million additional shares for 30 days following the offering.

The company has begun marketing its IPO to investors and expects to debut on the New York Stock Exchange under the ticker symbol “JMKE” in the coming weeks, subject to final pricing and market conditions.

Jersey Mike’s publicly filed for its IPO earlier this month after confidentially filing in April.

J.P. Morgan, Goldman Sachs and Morgan Stanley serve as lead bookrunners. Several other investment banks participating in the offering, as well, according to the company.

A supersize IPO

The Wall Street Journal noted Jersey Mike’s could become one of the largest restaurant IPOs in recent years, surpassing recent public debuts like Cava ($2.5 billion in 2023) and Sweetgreen ($3 billion in 2021).

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.

Upon 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.

After starting out in 1956 as a small sandwich shop in Point Pleasant, Jersey Mike’s now has roughly 3,300 locations with more than $4 billion in systemwide sales last year.

Besides being considered one of the fastest-growing brands in the country, the franchise is also the second-largest sandwich chain after Subway.

According to a filing with the Securities and Exchange Commission, Jersey Mike’s has a development pipeline of over 1,600 stores. Those soon-to-open locations also include at least 700 international sites across Canada, the United Kingdom and Ireland.

‘The quick-but-tasty sub’

Jersey Mike’s was recently picked as one of America’s favorite shops for grab-and-go sandwiches and subs, according to a newly released USA Today ranking.

The publication’s readers’ choice awards roundup of the 10 best chains placed Jersey Mike at No. 2. Fellow New Jersey-grown chain PrimoHoagies came in at No. 2.

In describing the brand, USA Today editors wrote that Jersey Mike’s has been “perfecting the art of the quick-but-tasty sub” for nearly seven decades.

“Opt for cold or hot, pick your meat (turkey, ham, roast beef, proscuittini, among others) or skip it altogether, then add a few slices of provolone or Swiss. Get it ‘Mike’s Way’ for lettuce, tomato, and onion, plus the ‘sauce’ (oil and vinegar) and spices,” they said.

Jersey Mike’s also unseated Chick-fil-A as the top quick-service restaurant in the U.S., according to the American Customer Satisfaction Index.

In the ACSI’s annual survey of restaurant and food delivery businesses, Jersey Mike’s 84-point debut ended the competing chicken brand’s 11-year reign by one point. Jersey Mike’s earned praised for its “freshness, food variety and value.”