Jersey Mike’s makes its Wall Street debut

Jersey Mike’s shares fell about 6% on Thursday after the sandwich chain debuted on the New York Stock Exchange under the ticker JMKE. 

The stock opened at $21, below its initial public offering (IPO) price of $23 per share.

The company sold 43.5 million shares, raising around $1 billion and reaching a market value of $7.3 billion. Despite the weak first trading day, the IPO ranks among the largest ever for a restaurant company since Krispy Kreme went public in 2021, raising $500 million.

Strong business despite industry slowdown
Jersey Mike’s operates nearly 3,300 restaurants, making it the second-largest sandwich chain in the US after Subway.

In 2024, Blackstone acquired an 80% stake in Jersey Mike’s in a deal reportedly valued at around $8 billion, including debt. After the acquisition, the company appointed former Wingstop chief Charlie Morrison as CEO.

Jersey Mike’s reported $55 million in net income on $724 million in revenue last year, while same-store sales increased 3%.

The company plans to use the IPO proceeds to reduce debt and support expansion. It is preparing to enter the United Kingdom and Ireland and believes it has the potential to grow to 15,000 restaurants worldwide, with roughly half of its locations outside the US.

The IPO market is having a blockbuster year, with $146.1 billion in common stock offerings completed in the first half of 2026.