Jersey Mike’s Files Confidential IPO Targeting $12 Billion Valuation

Jersey Mike’s has tripled its store count in the past decade and added an average of 275 U.S. locations each year over the last three years. The chain now ranks as America’s third‑largest sandwich brand by units, behind Subway and Arby’s, and plans to franchise 400 outlets in the UK and Ireland. Its rapid expansion contrasts with flat or declining store counts at larger peers.

The confidential filing was submitted to the SEC and values the company at no less than $12 billion, with a planned raise exceeding $1 billion. Blackstone completed its purchase of Jersey Mike’s for approximately $8 billion including debt in January 2025. Morgan Stanley, JPMorgan, and Jefferies Financial Group are listed as underwriters. If priced at the midpoint of the target range, the implied market cap would sit between Wendy’s (WEN, ~$4.5 billion) and Restaurant Brands International (QSR, ~$18 billion).

A $12 billion valuation would give Jersey Mike’s a price‑to‑sales multiple well above the current average for U.S. quick‑service restaurants, reflecting investor confidence in its growth trajectory. The proceeds could fund further domestic and international store openings, debt repayment, or potential acquisitions. Compared to recent restaurant IPOs such as Cava (CAVA, market cap ~$7 billion) and Sweetgreen (SG, ~$2 billion), Jersey Mike’s target represents a significantly larger scale offering.