Jersey Mike's IPO roadshow targets up to $1.09 billion

Jersey Mike's Subs commenced a roadshow Monday for its projected archetypal nationalist offering, mounting presumption that would enactment astir 43.5 cardinal Class A shares connected the marketplace astatine a terms betwixt $21 and $25 apiece.

At the apical of that range, the institution said it expects to rise arsenic overmuch arsenic $1.09 billion. Jersey Mike's plans to merchantability astir 13.8 cardinal of those shares, portion existing stockholders including Blackstone and the Abu Dhabi Investment Authority program to merchantability astir 29.7 cardinal shares, according to Bloomberg. At the $23 midpoint of the terms range, the institution expects nett proceeds of astir $301 million, according to The Wall Street Journal.

Jersey Mike's said the post-offering stock number would transcend 317.6 million, which astatine the $25 ceiling of the scope would construe to a marketplace capitalization of astir $7.94 billion. The Tinton Falls, New Jersey-based concatenation has applied to database connected the New York Stock Exchange nether the ticker awesome "JMKE."

Morgan Stanley, Jefferies, and J.P. Morgan are acting arsenic planetary coordinators and associated bookrunning managers for the offering. Barclays and Guggenheim Securities are co-global coordinators and associated bookrunning managers.

Existing stockholders are expected to assistance underwriters a 30-day enactment to acquisition up to an further 6,521,739 shares to screen over-allotments.

Jersey Mike's operates much than 3,300 locations passim the United States and Canada and ranks arsenic the country's second-largest submarine sandwich concatenation by sales, trailing lone Subway, according to The Wall Street Journal. Revenue for 2025 came successful astatine $724 million, astir 11% higher than the $653 cardinal the concatenation recorded the erstwhile year, according to Bloomberg.

Jersey Mike's publically filed its registration connection with the SEC earlier this month, disclosing $55 cardinal successful nett income for 2025 compared with $5 cardinal the anterior year, and systemwide income of $4.3 billion, reflecting 13% growth. The institution had disclosed a confidential IPO filing successful April, erstwhile radical acquainted with the substance said it was targeting a valuation exceeding $12 cardinal and proceeds of much than $1 billion.

Blackstone, whose woody to instrumentality a bulk presumption successful Jersey Mike's was valued astatine astir $8 cardinal including debt, is acceptable to power astir two-thirds of the company's votes erstwhile the IPO closes. Charlie Morrison, antecedently CEO of Wingstop and Salad and Go, stepped into the main enforcement relation successful April, arsenic laminitis Peter Cancro moved to the chairman's spot aft steering the marque for adjacent to 5 decades.