Blackstone-Backed Jersey Mike's Confidentially Files for IPO

Jersey Mike's has confidentially filed for an initial public offering (IPO), marking the first step toward listing the submarine sandwich giant on public markets. The confidential filing allows the company to refine its S-1 documentation with the SEC privately before a public debut, providing flexibility to adjust terms or withdraw should market conditions deteriorate. The move follows Blackstone's acquisition of a majority stake in the company last year, a deal that valued the chain at approximately $8 billion. To lead the transition, Blackstone appointed Charlie Morrison, who previously steered Wingstop through a highly successful public offering in 2015. Financial data for 2025 shows a mixed performance. Jersey Mike's reported revenue of $309.8 million, representing a 10.6% year-over-year increase. However, net income for the same period fell 23.1% to $183.6 million. For comparison, competitor Firehouse Subs, a segment of Restaurant Brands International, saw sales grow 8.6% to $232 million in 2025. Investors are expected to focus heavily on same-store sales growth rather than total revenue, as the chain continues to expand its footprint of over 3,000 locations. The IPO arrives at a challenging time for the restaurant sector, which has remained flat over the past year while the broader S&P 500 has surged more than 38%.