Jul 20, 2026 - Business

Jersey Mike's sets IPO terms

Lucinda Shen

Illustration of a pair of binoculars with a sandwich reflected in the lenses. — Illustration: Gabriella Turrisi/Axios

Blackstone-backed Jersey Mike's Subs said on Monday that it plans to sell 13.8 million shares in an IPO priced between $21 to $25 apiece, giving it a market cap of between $6.7 billion to $7.8 billion.

Why it's the BFD: There's hope that if the public market digests the offering well a feast of restaurant IPOs could follow.

Dunkin' and Arby's owner Inspire Brands filed confidentially for an IPO in May.

Driving the news: Jersey Mike's would raise about $345 million at the top-end of that range, with selling stockholders raising about $742.4 million.

Blackstone is expected to sell a stake worth $659.9 million in the offering, with Abu Dhabi Investment Authority selling a stake worth $82.5 million.
The former will hold 68% voting power in the company following the offering, with Abu Dhabi Investment Authority holding 8.5%.

Context: Blackstone acquired a majority stake in Jersey Mike's in a deal that valued the sandwich shop at about $8 billion including debt.

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Jersey Mike's sets IPO terms

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