Jersey Mike’s files IPO; Blackstone targets up to $12B valuation

Up to $12B is the valuation target attached to Jersey Mike's IPO filing, according to the Financial Times, putting the sandwich chain's listing inside the Tier-1 IPO filter for companies above $1B. CNBC reported on July 2 that Jersey Mike's has filed to go public and operates nearly 3,300 locations, making it the second-largest U.S. hoagie chain behind Subway.

The market stake is Blackstone's exit path. The private-equity owner is seeking a public-market valuation that would turn a franchised restaurant platform into one of the larger U.S. consumer IPOs of the year. The FT report said Blackstone is eyeing a windfall, while CNBC highlighted the company's recent 50% same-store sales growth over recent years.

The business model is central to the valuation debate. Franchise-heavy restaurant chains can scale with lower company-owned store capex, but public investors usually test the quality of royalty revenue, restaurant-level margins, franchisee health, commodity exposure, and store-opening runway. For Jersey Mike's, the nearly 3,300 unit count gives the market a concrete base for comparing it with Subway, Chipotle, Wingstop, and other listed restaurant operators.

The timing is also a read-through for IPO risk appetite. Consumer listings need investors to accept both discretionary-spending risk and wage-food inflation pressure. A valuation near $12B would imply confidence that the chain's recent sales growth can survive a public-company cost structure and more visible quarterly scrutiny.

The next documents to watch are the amended S-1, share count, proposed ticker, revenue growth, adjusted EBITDA, franchisee economics, and any selling-shareholder component. Those numbers will decide whether the IPO is priced as a growth restaurant compounder or as a mature franchisor with limited unit white space.

Sources: CNBC, July 2, 2026; Financial Times, July 2, 2026.

Not investment advice. Verify all figures with primary sources before acting.