Key facts
- Jersey Mike's has filed for an IPO on the NYSE under the ticker "JMKE".
- The company aims to price its shares between $21 and $25.
- Jersey Mike's plans to expand to 7,500 U.S. stores and 600 international locations.
- The menu is marketed as 'protein-forward' to align with dietary trends.
- Founder Peter Cancro received a $41 million private jet from the company.
- Family members of founder Peter Cancro received tens of millions of dollars from the business.
Jersey Mike's, a national sandwich chain, has filed for an initial public offering on the New York Stock Exchange, with shares expected to trade under the ticker "JMKE." The company anticipates pricing its shares between $21 and $25 each.
Unlike many of its peers that went public earlier in their development, Jersey Mike's is an established brand with approximately 3,300 mostly franchisee-operated restaurants across the U.S. Founder Peter Cancro, who started the company in 1975, has overseen its growth into a national chain. Last year, private equity firm Blackstone acquired a majority stake in Jersey Mike's for $8 billion.
The company's S-1 filing reveals ambitious expansion plans, estimating a potential for 7,500 U.S. stores and an additional 600 international locations in Canada, the UK, and Ireland. Jersey Mike's believes it is currently under-penetrated in all markets, offering substantial growth opportunities.
Jersey Mike's also highlights its menu's alignment with current dietary trends, describing it as 'protein-forward' and suitable for individuals focused on protein intake or using weight-loss drugs like GLP-1s. The Italian sub, for example, contains approximately 47 grams of protein, with ten other subs offering at least 35 grams.
The filing also disclosed significant financial benefits for the founder's family members. Between 2023 and 2025, John Cancro, Peter Cancro's brother, received about $21 million; Daniel Powers, a brother-in-law, made approximately $32 million; and Phillip Sivolobov, a stepson and former director, earned nearly $51 million. These family members did not receive compensation in the first quarter of 2026.
Furthermore, Jersey Mike's purchased a private jet for founder Peter Cancro in 2024 for $41 million, which was subsequently transferred to an entity he controls. The company also covered approximately $2 million in air transportation costs for Cancro last year. These transactions occurred shortly before Blackstone's majority stake acquisition in January 2025.