{"id":12719,"date":"2026-07-21T16:40:53","date_gmt":"2026-07-21T11:40:53","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=12719"},"modified":"2026-07-21T16:40:53","modified_gmt":"2026-07-21T11:40:53","slug":"jersey-mikes-is-already-a-juggernaut-now-its-ready-to-take-on-the-stock-market","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=12719","title":{"rendered":"Jersey Mike&#8217;s is already a juggernaut. Now it&#8217;s ready to take on the stock market."},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<div>\n<ul class=\"yf-1jsc1up\">\n<li class=\"yf-1jsc1up\">\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Jersey Mike&#8217;s is pursuing an IPO that would value it at $8 billion and raise more than $1 billion.<!-- HTML_TAG_END -->  <\/p>\n<\/li>\n<li class=\"yf-1jsc1up\">\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Public offerings are a path less traveled for sandwich chains. Jersey Mike&#8217;s is bucking the trend.<!-- HTML_TAG_END -->  <\/p>\n<\/li>\n<li class=\"yf-1jsc1up\">\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START --><a href=\"https:\/\/www.businessinsider.com\/subscription\/newsletter\/first-trade?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:Sign%20up%20for%20First%20Trade;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;Sign up for First Trade&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Sign up for First Trade<\/a>, Business Insider&#8217;s daily markets newsletter.<!-- HTML_TAG_END -->  <\/p>\n<\/li>\n<\/ul>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->When my friends and I had a summer share on the Jersey Shore in the early 2010s, we always made sure to hit <a href=\"https:\/\/www.businessinsider.com\/which-chain-best-blt-sandwich-subway-jimmy-johns-jersey-mikes-2026-6?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:Jersey%20Mike's;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;Jersey Mike's&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Jersey Mike&#8217;s<\/a> for a sandwich. It was conveniently located right next to the Manasquan train station that we frequented. And, more importantly, it was <em>really good<\/em>.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->What struck me was that the line was usually out the door \u2014 especially during the summer rush \u2014 but the line moved. The operational efficiency was impressive for what was still a modest regional chain at that point.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Fast-forwarding more than a decade, I&#8217;m not surprised to see Jersey Mike&#8217;s as <a href=\"https:\/\/www.businessinsider.com\/fastest-growing-restaurant-chains-in-the-us-2017-2017-6?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:America's%20sandwich%20king;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;America's sandwich king&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">America&#8217;s sandwich king<\/a>. It had all the elements. The business was already cooking.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->An early-2025 <a href=\"https:\/\/www.businessinsider.com\/jersey-mikes-peter-cancro-blackstone-deals-billionaires-wealth-sandwiches-subway-2024-11?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:acquisition%20by%20Blackstone;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;acquisition by Blackstone&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">acquisition by Blackstone<\/a> ultimately helped take Jersey Mike&#8217;s to the big leagues, where it sits now on the brink of a historically large restaurant-sector IPO.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->The chart below shows just how large the offering is expected to be. The $1.09 billion in expected proceeds would make it the second-largest US-listed restaurant IPO of all time, trailing just Arcos Dorados Holdings, the world&#8217;s biggest McDonald&#8217;s franchisee. Elite company.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->The financial stakes are immense. So put down your Club Sub (prepared Mike&#8217;s Way, of course) and check out everything you need to know about the Jersey Mike&#8217;s IPO:<!-- HTML_TAG_END -->  <\/p>\n<h3 class=\"text text-block heading text-left neo-font-label-2xl-emphasis  yf-18d6y07\" role=\"heading\" id=\"94d1a5b2-fe07-445f-9623-9c2f5c4a3c79\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->IPOs for sandwich chains are rare<!-- HTML_TAG_END -->  <\/h3>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->America&#8217;s biggest sandwich chains have largely skipped Wall Street in the past.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Subway founder Fred DeLuca was always staunchly opposed to a public listing, and the chain ultimately sold to private equity instead. Jimmy John&#8217;s has always been private. Firehouse sold to a strategic buyer. Potbelly has been public since 2013, but on a much smaller scale. Quiznos&#8217; IPO was a tiny footnote three decades ago, and the chain has shrunk to just over 100 stores.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->This all combines to make Jersey Mike&#8217;s the first truly marquee sandwich-chain IPO in a generation.<!-- HTML_TAG_END -->  <\/p>\n<h3 class=\"text text-block heading text-left neo-font-label-2xl-emphasis  yf-18d6y07\" role=\"heading\" id=\"996dc695-93d5-4b32-89b4-58da1d40b87c\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->It&#8217;s coming public much later in its lifecycle.<!-- HTML_TAG_END -->  <\/h3>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Unlike recent comps Chipotle, Wingstop, and Shake Shack, which IPOed with hundreds of restaurants, Jersey Mike&#8217;s already has roughly 3,300 locations and more than $4 billion in annual sales. It&#8217;s a much more mature business.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->That maturity is partly a result of Blackstone&#8217;s ownership, which gave Jersey Mike&#8217;s additional capital to expand before pursuing an IPO.<!-- HTML_TAG_END -->  <\/p>\n<\/p><\/div>\n<div style=\"display: none\" data-testid=\"read-more\">\n<h3 class=\"text text-block heading text-left neo-font-label-2xl-emphasis  yf-18d6y07\" role=\"heading\" id=\"4099ba73-8f9b-458b-95e1-d31a88fd971c\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->It&#8217;s already being valued like an established company<!-- HTML_TAG_END -->  <\/h3>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->As the chart below shows, Jersey Mike&#8217;s is expected to go public at a valuation of more than double the next-biggest restaurant-sector debutant, Dutch Bros. Coffee in 2021. It&#8217;s expected to price like an established public firm, not an emerging growth story.<!-- HTML_TAG_END -->  <\/p>\n<h3 class=\"text text-block heading text-left neo-font-label-2xl-emphasis  yf-18d6y07\" role=\"heading\" id=\"f9d02dae-20c5-40af-ae06-37f16c72ef19\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Some important caveats<!-- HTML_TAG_END -->  <\/h3>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Despite the huge monetary amounts flying around Jersey Mike&#8217;s IPO, it&#8217;s important to remember that some of America&#8217;s most popular restaurant chains remain private.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Billionaire In-N-Out owner Lynsi Snyder has vowed never to sell or franchise the chain. Raising Cane&#8217;s founder Todd Graves (also a mega-billionaire) has likewise kept tight control. Subway, meanwhile, also stayed private, but its <a href=\"https:\/\/www.businessinsider.com\/subway-franchisees-say-risks-associated-with-investing-chain-2021-4?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:aggressive%20franchising;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;aggressive franchising&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">aggressive franchising<\/a> eventually became a liability as quality slipped and competition intensified.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->But Jersey Mike&#8217;s is full steam ahead on its IPO, attempting something few sandwich chains ever have: becoming a publicly traded, multi-billion-dollar juggernaut.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START --><em>Do you have a favorite sandwich chain? Jersey Mike&#8217;s, Jimmy John&#8217;s, or something else entirely? Let me know at jciolli@businessinsider.com.<\/em><!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->If you enjoyed this story, be sure to follow <a href=\"https:\/\/profiles.yahoo.com\/brands\/business-insider\/\" data-ylk=\"slk:Business%20Insider;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;Business Insider&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\">Business Insider<\/a> on Yahoo.<!-- HTML_TAG_END -->  <\/p>\n<\/p><\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>Jersey Mike&#8217;s is pursuing an IPO that would value it at $8 billion and raise more than $1 billion. Public offerings are a path less traveled for sandwich chains. Jersey Mike&#8217;s is bucking the trend. Sign up for First Trade, Business Insider&#8217;s daily markets newsletter. When my friends and I had a summer share on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":12720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s.yimg.com\/lo\/mysterio\/api\/191B1EDF00AE2CD0F00F206FF0C7E4536F03E9F9E68FC4E2EA6ECA191AED8F73\/subgraphmysterio\/resizefill_w1200_h900;quality_80;format_webp\/https:%2F%2Fmedia.zenfs.com%2Fen%2Fbusiness_insider_consolidated_articles_886%2F0ec254d19273dda401a3e6f8f86c4558","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-12719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-trending-viral-news"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/12719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12719"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/12719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/12720"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}