Sandwich chain Jersey Mike's confidentially files for IPO
CNBC • • business
Key Points:
- Jersey Mike's has confidentially filed for an initial public offering (IPO), more than a year after Blackstone acquired a majority stake valuing the company at about $8 billion.
- The sandwich chain, with over 3,000 locations, is the second-largest hoagie chain in the U.S., trailing only Subway.
- Jersey Mike's reported $309.8 million in revenue for 2025, a 10.6% increase from the previous year, but net income declined to $183.6 million from $238.8 million.
- Former Wingstop CEO Charlie Morrison now leads Jersey Mike's following the Blackstone deal; the IPO would be the first restaurant offering since Black Rock Coffee Bar in September.
- The IPO market remains cautious due to volatility and economic uncertainty, though several high-profile IPOs are expected soon, potentially improving market conditions.
