The sandwich chain locked in $23 a share, handing Blackstone one of the biggest restaurant listings in years.
Jersey Mike’s confirmed Wednesday it priced its IPO at $23 per share, right in the middle of its expected range. The deal pulled in roughly $1 billion and values the sandwich giant at about $7.3 billion.
The Numbers
Around 43.5 million shares changed hands in the offering. Jersey Mike’s itself sold about 13.8 million shares, while existing investors offloaded another 29.7 million. Morgan Stanley, Jefferies, J.P. Morgan, Barclays and Guggenheim ran the books.
Shares start trading Thursday on the NYSE under ticker JMKE.
Why This IPO Stands Out
2026 has been a huge year for IPOs overall, with U.S. listings topping $130 billion. But consumer and retail names have barely shown up. The last major restaurant IPO was Cava back in 2023, which raised $318 million at a $4.7 billion valuation.
That makes Jersey Mike’s debut a real test for the sector.
The Backstory
Founded from a single Point Pleasant, New Jersey shop, Jersey Mike’s now runs 3,300 locations and ranks second only to Subway in U.S. sub sales. Blackstone took majority control last year in a deal worth around $8 billion, and will still hold roughly two-thirds of voting power after this listing.
For Blackstone, it’s a partial win at a time when many PE firms are stuck holding assets longer than planned.
What to Watch
Reformation, the womenswear retailer, lists Thursday too, giving traders a rare back-to-back look at consumer IPOs. How both open could shape appetite for retail listings the rest of the year.
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Source: Reuters
