The IPO Buzz: Jersey Mike’s Subs (JMKE Proposed) Unveils $1 Billion IPO
Jersey Mike’s Subs Inc. (JMKE Proposed) launched its $1 billion IPO early today – 43.48 million shares at a price range of $21.00 to $25.00 – in its S-1/A filing dated July 20, 2026. The IPO would raise $999.99 million – about $1 billion – if priced at the $23.00 mid-point.
Jersey Mike’s Subs Inc., the parent of the franchised sub sandwich chain whose roots go back to 1956 on the Jersey Shore, is offering 13.78 million shares. The selling shareholders are offering 29.70 million shares. The company will not receive any proceeds from the sale of the selling shareholders’ stock. At pricing, Jersey Mike’s Subs will have a market cap of about $9.26 billion.
Morgan Stanley, Jefferies and J.P. Morgan are the global coordinators and joint book-runners.
Barclays and Guggenheim Securities are the co-global coordinators and joint book-runners. Another 18 investment banks are joint book-runners.
A Blackstone affiliate, Blackstone Capital Markets, is a co-manager – along with nine other investment banks.
Blackstone, the private equity giant that acquired Jersey Mike’s Subs in 2024, will control the company through its affiliates’ holdings of a majority of the combined voting power of its stock eligible to vote for the election of its directors, the prospectus said.
Jersey Mike’s Subs Inc. will receive about $301 million in proceeds from the IPO – if it’s priced at the $23.00 mid-point of its range, the prospectus said. Of that amount, Jersey Mike’s Subs Inc. expects to use $295 million to repay part of the Series 2026-1 Notes, according to the prospectus.
At March 29, 2026, Jersey Mike’s Subs Inc. had $2.12 billion in total debt outstanding.
Jersey Mike’s Subs Inc. is profitable: Net income of $55 million on revenue of $724 million for the 12 months that ended on Dec. 31, 2025, according to financial statements in the prospectus.
Source: https://www.iposcoop.com/the-ipo-buzz-jersey-mikes-subs-jmke-proposed-unveils-1-billion-ipo/
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