Jersey Mike's Subs has filed for an IPO on the New York Stock Exchange under the ticker JMKE, targeting a valuation of up to $12 billion with private equity giant Blackstone as its backer. The sandwich chain reported $724 million in revenue and $55 million in net income in 2025, reflecting sharp year-over-year growth. The listing arrives as IPO activity broadly picks up, signaling renewed appetite from both issuers and investors.
A $12 billion valuation for a sandwich chain puts Jersey Mike's in rare company among restaurant IPOs — this will be closely watched as a barometer for consumer-brand appetite in public markets. Blackstone's involvement means this is a private-equity-backed exit, so new public shareholders are buying into a company that already carries the hallmarks of PE optimization: streamlined operations but potentially elevated debt. Watch for how JMKE prices relative to comparable quick-service restaurant stocks like CMG and QSR.
JMKE roadshow and pricing: expected in coming weeks before NYSE debut. Watch for S-1 amendment filings on SEC.gov which will reveal the final share price range and any updated financials.
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