Jersey Mike's Falls 6% in NYSE Debut After $23 IPO
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- Jersey Mike's sold 43.5 million shares at $23 apiece, raising about $1 billion at a $7.3 billion valuation and placing the deal among the largest-ever restaurant IPO fundraises.
- Jersey Mike's operates nearly 3,300 locations — 99.2% franchised — making it the second-largest hoagie chain behind Subway and now the largest publicly traded chain in the category.
- Jersey Mike's posted $55 million net income on $724 million in revenue last year with same-store sales up 3%, bucking a broader industry trend of softening traffic and sales.
- Blackstone acquired a majority stake in late 2024 valued at roughly $8 billion including debt, after which the chain hired former Wingstop CEO Charlie Morrison, who said Jersey Mike's skews "a little higher income" and is seeing transaction growth drive same-store sales.
- Jersey Mike's sees long-term potential for 15,000 restaurants worldwide — half domestic, half international — with founder Peter Cancro signing a master franchise agreement to bring the chain to the UK and Ireland.
- Inspire Brands, parent of Dunkin' and Jimmy John's, has confidentially filed for its own IPO and could surpass Jersey Mike's fundraise to claim the biggest-ever restaurant IPO title.
- Reformation also debuted on Thursday, pricing at the low end of its $15–$17 range and closing up less than 1%.
Why it matters: Jersey Mike's pulled off a roughly $1 billion raise at a $7.3 billion valuation — among the largest restaurant IPOs ever — despite the broader dining sector softening, making the 6% debut slide a notable mismatch with the deal's size. With Inspire Brands (Dunkin', Jimmy John's) already having confidentially filed, Jersey Mike's sets the benchmark that rival consumer IPOs will now be measured against.
