Sandwich chain Jersey Mike’s Subs is aiming for a valuation of up to $7.94 billion in its U.S. initial public offering (IPO), testing investor demand for restaurant stocks amid a recovering market for new listings. The New Jersey-based company and existing shareholders plan to raise as much as $1.09 billion by offering 43.5 million shares priced between $21 and $25 each.
The IPO comes as the U.S. market for new listings regains momentum following a brief slowdown linked to geopolitical tensions. Jersey Mike’s becomes one of the few restaurant chains to pursue a public listing in recent years, following the successful debuts of Cava and Black Rock Coffee Bar. Founded as Mike’s Subs in New Jersey, the company has grown to more than 3,300 locations across the U.S. and Canada under longtime leader Peter Cancro.
Acquired by private equity firm Blackstone for around $8 billion last year, Jersey Mike’s is also expanding internationally, with plans to open hundreds of stores in the UK and Ireland. The company has applied to list on the New York Stock Exchange under the ticker symbol “JMKE,” with Morgan Stanley, Jefferies, and J.P. Morgan leading the offering.
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