Jersey Mike’s Eyes $12B IPO in Potentially Swift Private Equity Exit

Sandwich chain Jersey Mike’s Subs is reportedly preparing for an initial public offering just one year after being acquired by Blackstone — a timeline that would rank among the fastest recent exits in private equity.

According to reports, the company is working with Morgan Stanley, JPMorgan Chase, and Jefferies Financial Group on a potential listing as early as Q3 2026. The IPO could target a valuation near $12 billion and raise more than $1 billion in fresh capital.

Built for Consistency

Founded in 1975, Jersey Mike’s has expanded into a franchise-heavy operation with over 3,000 locations. The company has achieved nearly two decades of consecutive same-store sales growth — a rare streak in the competitive fast-casual sector.

The brand has steadily gained market share from competitors such as Subway, positioning itself as a higher-quality alternative in the sub sandwich space.

Expansion Beyond the U.S.

Jersey Mike’s is now accelerating international growth, recently unveiling plans to open 400 stores across the U.K. and Ireland — signaling confidence in its brand portability and franchise model abroad.

Bigger Picture

If the IPO proceeds, it would serve as an early indicator of whether the consumer-facing IPO market is reopening after a period of slowdown. It would also underscore how quickly private equity firms can pivot to public markets when valuation conditions improve.

In short, Jersey Mike’s IPO could be both a liquidity event — and a barometer for broader market sentiment.