Jersey Mike’s Subs (JMKE) priced its IPO at $23.00 – the mid-point of its range – and sold 43.48 million shares – the number in the prospectus – to raise $1 billion on Wednesday night, July 29, 2026. The price range was $21.00 to $25.00. At pricing, Jersey Mike’s Subs had a market cap of $7.3 billion.
Morgan Stanley, Jefferies and J.P. Morgan were the global coordinators and joint book-running managers. Barclays and Guggenheim Securities were co-global coordinators and joint book-running managers. The book-runners’ team included another 18 investment banks.
Most of Jersey Mike’s sub shops – more than 3,000 locations – are under franchise ownership.
Jersey Mike’s Subs will use $295 million in IPO proceeds to repay some debt.
Jersey Mike’s Subs is profitable: Net income of $55 million on revenue of $724 million for the year that ended on Dec. 31, 2025, according to the prospectus.