Jersey Mike’s Subs Inc. officially on Thursday announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch an initial public offering (IPO) of its Class A common stock.
The Tinton Falls-headquartered sandwich chain intends to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “JMKE.”
A major milestone for the ‘Sub Above’ brand
The filing marks a significant step for the fast-casual giant, which has grown into the second-largest sandwich chain in the United States. Founded in 1956 in Point Pleasant, New Jersey, the company now operates more than 3,300 locations nationwide and has recently begun an ambitious international expansion into markets including the United Kingdom and Ireland.
The company, currently led by CEO Charlie Morrison, has seen strong financial performance, reporting $4.2 billion in systemwide sales for 2025. This move toward public markets comes less than two years after private equity firm Blackstone acquired a majority stake in the company for approximately $8 billion in 2024.
What comes next
While the company has moved forward with the S-1 filing, many details regarding the offering remain to be finalized. According to the announcement:
- Pricing and Size: The number of shares to be sold and the anticipated price range have not yet been determined.
- Use of Proceeds: Company proceeds from the offering are earmarked to repay a portion of its Series 2026-1 securitization notes, with the remainder allocated for general corporate purposes.
- Market Conditions: The completion of the IPO remains subject to market conditions and the effectiveness of the registration statement with the SEC.
A large underwriting team
The offering is being supported by a robust lineup of major financial institutions. Morgan Stanley, Jefferies, and J.P. Morgan are serving as global coordinators and joint bookrunning managers. They are joined by a large syndicate of co-global coordinators, bookrunners, and managers, including Barclays, Guggenheim Securities, BofA Securities, Goldman Sachs, and many others.
The preliminary prospectus for the offering will be made available through the underwriters as the regulatory process continues. Jersey Mike’s noted that until the registration statement becomes effective, the company cannot sell—or accept offers to buy—the securities.
