Key facts
- Sandwich chain Jersey Mike's has filed for a U.S. initial public offering.
- The company operates over 3,300 locations across the U.S. and Canada.
- Jersey Mike's was acquired by private equity firm Blackstone last year for around $8 billion.
- The company has applied to list on the New York Stock Exchange under the trading symbol "JMKE."
- Morgan Stanley, Jefferies and J.P. Morgan are the joint book-running managers.
Sandwich chain Jersey Mike's has filed for an initial public offering in the United States, signaling a move towards going public amid a resurgence in new listings. The IPO market has seen renewed enthusiasm, with significant offerings like SpaceX's pushing second-quarter proceeds past $100 billion.
While specific details of the offering were not disclosed, previous reports indicated Jersey Mike's could aim to raise over $1 billion at a valuation of at least $12 billion. The company operates more than 3,300 fast-casual sub sandwich franchise locations across the U.S. and Canada. Last year, Jersey Mike's was acquired by private equity firm Blackstone for approximately $8 billion. The chain also has plans to expand internationally, with a partnership to open 400 stores in the UK and Ireland.
Jersey Mike's was founded in 1975 by Peter Cancro, who was 17 at the time and purchased an existing sub shop. Franchising began in 1987. The company has applied to list its shares on the New York Stock Exchange under the ticker symbol "JMKE." Morgan Stanley, Jefferies, and J.P. Morgan are serving as the joint book-running managers for the offering.