Jersey Mike's Sets IPO Terms That Could Push Market Cap Toward $8 Billion

By Colin Kellaher

Jersey Mike's Subs unveiled terms of a planned initial public offering that could give the sandwich chain backed by private-equity giant Blackstone an initial market capitalization approaching $8 billion.

Jersey Mike's on Monday said it plans to sell nearly 13.8 million shares at between $21 and $25 apiece in the IPO.

At the $23 midpoint of that price range, the Tinton Falls, N.J., company said it expects net proceeds of about $301 million.

Jersey Mike's said current investors plan to sell about 29.7 million shares in the offering, bringing the size of the IPO to nearly 43.5 million shares.

Jersey Mike's said it would have more than 317.6 million shares outstanding after the IPO, for a market capitalization of about $7.94 billion at the $25-a-share high end of the pricing range.

Blackstone, which in early 2025 completed the acquisition of a majority stake in Jersey Mike's in a deal that valued the sandwich chain at around $8 billion including debt, will still hold around two-thirds of the company's voting power after the IPO.

Jersey Mike's, the second largest sub-style sandwich company in the U.S. by sales, behind Subway, said it has applied to list its shares on the New York Stock Exchange under the symbol JMKE.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 20, 2026 07:16 ET (11:16 GMT)