Jersey Mike’s (JMKE) stock fell 5.7% in its first day of trading after the sandwich chain priced its initial public offering (IPO) at $23, hoping investors would be eager to get a bite.
The company, backed by Blackstone (BX) and the Abu Dhabi Investment Authority, offered more than 43 million shares, which opened at $21 each, raising $913 million and valuing the company at $7.3 billion. The stock is now officially listed under the ticker symbol “JMKE” on the New York Stock Exchange.
Blackstone took a majority stake in the chain in November 2024 and soon after tapped industry veteran and former Wingstop (WING) CEO Charlie Morrison to lead the company.
This public debut, one of the largest in the restaurant industry, marks the next chapter for the New Jersey-based chain, but the business is already booming.
According to the regulatory filing, Jersey Mike’s same-store sales grew by 50% between 2020 and 2025. In 2025, systemwide sales increased 13% year over year to reach $4.3 billion.
Sales growth for restaurants open for at least a year increased 3% in 2025, continuing nearly 20 consecutive years of positive growth.
The chain, which franchises 99% of its locations, has been rapidly expanding its store footprint too.
There are now roughly 3,300 Jersey Mike’s locations across the US in all 50 states. The company believes there is still room for growth in the US and plans to open 7,500 more stores domestically.
Jersey Mike’s has entered an agreement to open 300 stores in Canada by 2034. The company also secured an initial development agreement for 300 stores in the UK and Ireland. Over the long term, it plans to reach approximately 15,000 stores globally.
Correction: A previous version of this article misstated Jersey Mike’s valuation. We regret the error.
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