Blackstone Files Jersey Mike's IPO, Eyes NYSE Listing

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Blackstone files to take Jersey Mike's Subs public on NYSE

Blackstone has filed to take sandwich chain Jersey Mike's Subs public, planning to list on the New York Stock Exchange under ticker JMKE, as the private equity firm looks to cash in on strong recent growth.

The short version

Blackstone filed an S-1 with the SEC on Thursday to take Jersey Mike's Subs public on the NYSE
Jersey Mike's generated $4.2 billion in sales in 2025, up 13% year-over-year, with same-store sales growing 50% since 2020
IPO proceeds will be used to pay down debt and fund a dividend to Blackstone, which acquired the chain in late 2024 at an $8 billion valuation
Charlie Morrison, former head of Wingstop, is the new CEO; Blackstone will retain majority voting control post-IPO

What happened

Blackstone filed an S-1 registration statement with the Securities and Exchange Commission on Thursday to take Jersey Mike's Subs public on the New York Stock Exchange under the ticker JMKE. The sandwich chain, based in New Jersey and founded in 1956, has grown to nearly 3,300 locations. IPO proceeds will be used to repay debt taken on earlier this year ($760 million) and to fund a dividend payout to Blackstone, which acquired the company in late 2024.

Context

Jersey Mike's has posted strong financial momentum: 2025 sales reached $4.2 billion, up 13% from the prior year, while adjusted EBITDA rose 29% to $339 million. Same-store sales have grown cumulatively by 50% over the past five years. The IPO follows Blackstone's acquisition of the chain at an $8 billion valuation and comes as the private equity firm has been taking portfolio companies public—it took Liftoff Mobile public earlier this year and is preparing PGP Glass for a future IPO.

Both sides

Bull

Jersey Mike's has demonstrated consistent growth with 13% revenue increase and 29% EBITDA growth in 2025, backed by a 50% cumulative rise in same-store sales since 2020.

Bear

The company carries significant debt refinanced earlier this year, and IPO proceeds will primarily service that debt and reward Blackstone rather than fund expansion, with Blackstone retaining majority voting control.

In plain words

A large investment company called Blackstone is selling part of Jersey Mike's Subs to the public so people can buy shares in the sandwich chain. The company has been growing quickly—making more money each year—and Blackstone wants to use the money raised to pay back loans it took out and give itself a payout.

What may happen

Strong IPO demand drives higher valuation

If investors show strong appetite for the franchise, the IPO could value Jersey Mike's above Blackstone's $8 billion purchase price, allowing the PE firm to capture significant gains while freeing capital for other investments.

scenario - not a prediction

Moderate IPO performance at or near current valuation

The IPO prices at a valuation close to the $8 billion acquisition price, allowing Blackstone to achieve a modest return while the company continues to operate independently and pursue further growth.

scenario - not a prediction

Debt burden pressures near-term expansion

With IPO proceeds focused on debt repayment rather than growth capital, Jersey Mike's may face constraints on rapid franchise expansion or system improvements in the near term.

scenario - not a prediction

⚠ Disputed / unconfirmed:

Reported IPO valuation sought of $12 billion — Source attributes this to 'a Bloomberg report in April' rather than the S-1 filing itself. This is second-hand reporting of an unconfirmed target, not confirmed fact from the primary source document.
Reported IPO proceeds sought of $1 billion — Source states 'reportedly seeking more than $1 billion' citing Bloomberg, not the official filing. This is an unconfirmed target/report, not a confirmed fact from the S-1.