Jersey Mike’s IPO valuation could reach eight times Sweetgreen’s market cap

Jersey Mike’s is heading to the public markets with a valuation that far outstrips recent restaurant IPOs, setting up a key test of investor appetite for high-growth franchise chains.

The New Jersey-based sandwich chain announced Monday that it has begun its IPO roadshow. The company plans to offer 43.5 million Class A shares at an expected price of $21 to $25 per share, raising approximately $913 million to $1.1 billion from newly issued and existing shares.

According to its amended IPO filing, Jersey Mike’s would have an implied equity value of about $7.3 billion at the midpoint of the range and roughly $7.9 billion at the high end. The company plans to list on the New York Stock Exchange under the ticker symbol JMKE.

The offering also crystallizes sizable paper gains for private equity backers, including Blackstone and the Abu Dhabi Investment Authority, which are selling shares while retaining a meaningful stake. Blackstone holds a controlling majority stake in Jersey Mike’s.

At its proposed valuation, Jersey Mike’s would debut well above recent restaurant IPOs, including Cava, Sweetgreen and Krispy Kreme, according to the report “A History of Restaurant IPOs.” 

Cava, which went public in 2023, has recently had a market capitalization ranging from $7.5 billion to $8.5 billion. Sweetgreen, which debuted on the public markets in 2021, has a market capitalization of roughly $800 million, while Krispy Kreme is valued at close to $600 million.

The largest restaurant IPO in the near term could be Inspire Brands, parent company of Dunkin’ and Buffalo Wild Wings, which confidentially filed for an IPO in May and is reportedly targeting a valuation of about $20 billion.

Jersey Mike’s, founded in 1956, has been led by CEO Charlie Morrison since April 2025. Morrison previously served as CEO of Wingstop for about 10 years. The chain has nearly 3,300 locations across North America, making it the second-largest sandwich chain in the U.S. behind Subway.

The company reported cumulative same-store sales growth of 50% from 2020 through 2025, along with net income of $55 million on $724 million in revenue last year, compared with net income of $5 million on $653 million in revenue the prior year.

Jersey Mike’s said its 99% franchised, asset-light model generates high operating margins, requires limited capital investment and supports strong cash flow generation.