Jersey Mike’s Subs Inc. announced on April 20, 2026, that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering. The Manasquan, New Jersey-based sandwich chain is reportedly seeking to raise approximately $1 billion at a valuation of at least $12 billion. The filing marks a significant step for the company as it prepares to transition to the public markets under the majority ownership of private equity firm Blackstone.
The confidential filing process allows Jersey Mike’s to begin the regulatory review of its financial records without public disclosure until shortly before the official marketing of the offering. This move comes less than 18 months after Blackstone completed its acquisition of a majority stake in the company in a deal that valued the chain at approximately $8 billion. Founder Peter Cancro, who purchased the original Mike’s Subs in 1975 at age 17, remains the company’s chairman and retains a minority equity stake.
Under the leadership of CEO Charlie Morrison, who joined the company in April 2025 from Wingstop, Jersey Mike’s has seen accelerated growth in both its domestic footprint and financial performance. The company ended 2025 with 3,227 locations across the United States and Canada, having added a net 238 stores during the year. System-wide sales reached $4.2 billion in 2025, a 13.5% increase from the $3.7 billion reported in 2024. Average unit volumes for the chain rose to $1.36 million, up from $1.33 million the previous year.
The proposed IPO is intended to fuel the company’s aggressive international expansion and technological initiatives. In January 2026, Jersey Mike’s signed a major development agreement with JM Submarines UK LTD to open 400 locations across the United Kingdom and Ireland over the next decade. This represents the brand’s first major foray into the European market. Proceeds from the offering are also expected to support investments in digital ordering infrastructure and supply chain enhancements as the company aims to compete more directly with industry leaders like Subway.
If successful, the Jersey Mike’s offering would be the first major restaurant industry IPO since Black Rock Coffee Bar went public in September 2025. The company has not yet determined the specific number of Class A common stock shares to be offered or the price range for the listing. The timing of the IPO remains subject to market conditions and the completion of the SEC’s review process, though industry reports suggest a potential debut as early as the third quarter of 2026.