The sandwich chain’s market valuation reached $913 million after shares opened below the $23 IPO price.
Jersey Mike’s (JMKE) began trading on the New York Stock Exchange at $21 per share, below its $23 initial public offering price. The opening valued the company at $913 million, short of the anticipated $1 billion threshold. Over 43 million shares were offered in the debut, backed by Blackstone Inc. and the Abu Dhabi Investment Authority.
The chain, which franchises 99% of its locations, reported $4.3 billion in systemwide sales for 2025, a 13% year-over-year increase. Same-store sales grew 50% between 2020 and 2025, with a 3% rise in 2025 alone. Jersey Mike’s operates roughly 3,300 locations across all 50 states and plans to expand to 7,500 domestic stores.
The IPO marks one of the largest in the restaurant sector, following Blackstone’s majority stake acquisition in late 2024. Former WingStop CEO Charlie Morrison now leads the company as it enters its next growth phase.