Actor Danny DeVito, from left, Charlie Morrison, chief executive officer of Jersey Mike’s Subs Inc., Eli Manning, former National Football League (NFL) quarterback and founding partner of Brand Velocity Partners, and Peter Cancro, founder and chairman of Jersey Mike’s Subs Inc., during the company’s initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Thursday, July 30, 2026. <\/p>\n
Michael Nagle | Bloomberg | Getty Images<\/p>\n
Shares of Jersey Mike’s<\/a> fell about 3% during trading on Thursday afternoon after the company made its public market debut on the New York Stock Exchange under the ticker “JMKE.”<\/p>\n The stock opened at $21 per share, below its initial public offering pricing of $23 per share, at the midpoint of the expected range of $21 to $25 per share. <\/p>\n Jersey Mike’s sold 43.5 million shares, raising about $1 billion and valuing the company at $7.3 billion. With those proceeds, the chain is now among the largest-ever initial fundraises for a restaurant IPO.<\/p>\n Jersey Mike’s has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway. It’s now the largest public chain in the category. <\/p>\n The company reported net income of $55 million on total revenue of $724 million last year. Its same-store sales increased 3% over the same period. The metric tracks sales growth at restaurants open at least a year. <\/p>\n Broadly, diners are eating out less often or seeking deals to save money, and the restaurant industry has seen traffic and sales soften. But Jersey Mike’s has largely bucked the trend, and its high average unit volumes and asset-light franchise model made the stock attractive to investors.<\/p>\n CEO Charlie Morrison told CNBC that Jersey Mike’s customer base typically skews “a little higher income,” insulating the chain from some of the pullback in consumer spending. <\/p>\n “We’re seeing the consumer come back,” Morrison said. “We’ve seen positive transition growth. In fact, most of our same-store sales growth this year to date has been driven primarily by transaction growth.”<\/p>\n Jersey Mike’s successful IPO is a positive harbinger for other consumer companies looking to go public. Rival restaurant company Inspire Brands, which counts Dunkin’ and Jimmy John’s among its brands, has confidentially filed<\/a> for an initial public offering and could easily snatch Jersey Mike’s title for biggest-ever restaurant IPO.<\/p>\n Clothing company Reformation is also expected to make its public market debut on Thursday; the retailer priced shares at $15, on the low end of its expected range of $15 to $17.<\/p>\n Jersey Mike’s expansion plans<\/p>\n Jersey Mike’s founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971. Four years later, he pulled together enough money to buy Mike’s Subs. Cancro later changed the name and began franchising the chain. Today, franchisees operate 99.2% of Jersey Mike’s locations. <\/p>\n In late 2024, Jersey Mike’s announced that Blackstone had bought a majority stake reportedly valued at around $8 billion including debt. <\/p>\n