Jersey Mike's Subs Goes Public at $7.3 Billion Valuation
Jersey Mike’s, the sandwich chain founded in 1975 by Peter Cancro with a single sub shop in New Jersey, went public on July 28, 2026, with an IPO valuation of $7.3 billion and raised $1 billion at $23 per share. The offering was more than ten times oversubscribed according to Bloomberg reports. The company now operates over 3,300 locations in the U.S. and Canada, with plans for expansion into the UK and Ireland under a deal with Cancro. Jersey Mike’s reported revenue of $724 million last year, an increase of 11%, outpacing rivals like Jimmy John's while Subway saw declines. Blackstone Group acquired Jersey Mike’s in 2025 for about $8 billion including debt and will retain a controlling stake with 68% voting power post-IPO. Cancro transitioned from CEO to chairman, handing the role over to Charlie Morrison, former executive of Wingstop and Salad and Go.
Topics: franchising IPO restaurant industry