TINTON FALLS, NJ — Jersey Mike's Subs has begun the road show for its proposed initial public offering. The sandwich chain plans to offer 43.5 million Class A shares and price them between $21 and $25 each, aiming to raise between $913 million and $1.1 billion in gross proceeds.

The company plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol 'JMKE'. Jersey Mike's expects to issue 13.8 million new shares in the offering, while existing shareholders are selling approximately 29.7 million shares.

Sellers include Blackstone and the Abu Dhabi Investment Authority. Underwriters will have an option to purchase an additional 6.5 million shares.

Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the offering. Morgan Stanley CEO Ted Pick said the IPO exit opportunity is real. At the midpoint of the pricing range, Jersey Mike's would have an implied equity value of approximately $7.3 billion.

Following the IPO, Blackstone is expected to retain majority voting control of Jersey Mike's. The company will operate as a controlled company following the listing.

Jersey Mike's expects net proceeds of about $301 million at the midpoint of the offering. The chain will use net proceeds for general corporate purposes, including strengthening its balance sheet and potentially reducing debt.

Jersey Mike's operates nearly 3,300 locations across the U.S. and Canada. It is the second-largest sandwich chain in the U.S. by store count behind Subway.

The company has a 99% franchised, asset-light business model. Jersey Mike's reported revenue of $724 million, an increase of roughly 11% from the previous year.

Adjusted earnings before interest, taxes, depreciation and amortization totaled $339 million. Net income was $55 million.

Cumulative same-store sales growth reached nearly 50% from 2020 through 2025. Charlie Morrison has served as CEO of Jersey Mike's since April 2025.

Peter Cancro moved into the role of chairman after serving as CEO. Cancro founded Jersey Mike's in 1956. Jersey Mike's plans to open stores in the U.K. and Ireland.

The IPO road show marks a key step in Jersey Mike's transition toward public market listing. The company has experienced consistent unit growth, driven by its franchise-focused strategy. Franchisee demand remains strong, with over 1,000 new store commitments in the development pipeline. The brand has maintained positive comparable sales performance over the past several years, supported by menu innovation and digital ordering expansion. Jersey Mike's has invested in technology infrastructure to support delivery, mobile ordering, and loyalty programs. Corporate initiatives have emphasized operational efficiency and brand consistency across locations. The company's growth trajectory reflects broader consumer demand for fast-casual dining options. Analysts view the brand's scalable model as favorable for long-term expansion. International entry into the U.K. and Ireland represents Jersey Mike's first move outside North America. The offering is expected to enhance the company's visibility and financial flexibility. Regulatory filings and investor presentations have been made available through the Securities and Exchange Commission. The final pricing and timing of the offering will depend on market conditions.