Jersey Mike's files confidentially with SEC for IPO

Jersey Mike's Subs has confidentially filed for an archetypal nationalist offering with the U.S. Securities and Exchange Commission, the institution said Monday.

In a statement, the institution said it has not yet acceptable the terms scope oregon the fig of shares it plans to offer. According to Bloomberg, Morgan Stanley, JPMorgan Chase, and Jefferies Financial Group are advising connected the deal, with a third-quarter listing connected the table.

People acquainted with the substance told Bloomberg the institution has acceptable its sights connected a valuation exceeding $12 cardinal and aims to bring successful upward of $1 cardinal done the offering, though some figures stay taxable to change.

Blackstone acquired a bulk involvement successful Jersey Mike's aboriginal past twelvemonth for astir $8 cardinal including debt. The concatenation has much than 3,000 locations and is the second-largest hoagie sandwich concatenation successful the U.S., trailing lone Subway.

Franchise disclosure documents amusement the concatenation brought successful $309.8 cardinal successful gross past year, a 10.6% summation implicit 2024, portion nett income fell to $183.6 cardinal from $238.8 cardinal the twelvemonth before.

Once the acquisition was finalized, Charlie Morrison — who spent 10 years moving Wingstop, overseeing its nationalist debut on the mode — was named to pb Jersey Mike's.

At 14, Cancro took a occupation astatine a sandwich store on the Jersey Shore successful 1971; by 1975, helium had scraped unneurotic the funds to bargain the Point Pleasant, New Jersey determination that would go the archetypal Mike's Subs. Cancro built the concern implicit astir 5 decades, yet stepping into a president role. In January, Jersey Mike's said it had partnered with Cancro to unfastened 400 stores successful the U.K. and Ireland.

A completed offering would marque Jersey Mike's the archetypal edifice concatenation to spell nationalist since Black Rock Coffee Bar's September debut, CNBC noted.