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Submarine sandwich fast-food restaurant chain Jersey Mike’s Subs has set the price for its initial public offering (IPO) at more than US$1 billion.
In a regulatory filing made July 20, the company said it will offer 43.5 million shares priced between $21 and $25 apiece (all figures US), according to Reuters. The IPO value would be $1.09 billion.
The rare IPO for a restaurant company comes after Dunkin’ brand owner Inspire Brands also filed for a listing in May. Inspire also has Arby’s, Buffalo Wild Wings, Sonic Drive-In, Jimmy John’s and Baskin-Robbins brands under management.
Jersey Mike’s Subs is to trade on the New York Stock Exchange under the symbol JMKE. Morgan Stanley, Jefferies and J.P. Morgan are co-managers of the offering.
Expansion into Canada, Europe
The Tinton Falls, N.J.-based firm began in 1956 at the Jersey Shore and has more than 4,000 locations open and under development. It brought in $4.3 billion in sales in 2025.
The restaurant company earned $55 million in 2025, which is a boost from $5 million in income in 2024, according to Reuters.
A majority stake was purchased in 2024 by investment firm Blackstone, which pegged its value at $8 billion.
The chain has 33 locations in Canada in Alberta, Saskatchewan, Ontario and Manitoba.
Last week, it opened its first Manitoba store in Steinbach and it has plans to open three Winnipeg stores next year, according to The Carillon.
Earlier this year, founder Peter Cancro announced the firm is expanding into Europe with 400 stores planned for U.K. and Ireland, according to CNBC.
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