#直通IPO第二期JerseyMikes

The company is the U.S.’s second-largest sandwich chain, with Blackstone Holdings. It operates a 99% light-asset franchise model. In 2025, systemwide sales were $4.3 billion, with average annual revenue per store of $1.4 million. Over 5 years, cumulative same-store sales growth was 50%, and it has 1,600 stores queued to open. The IPO offering price range is $21–$25, valuing it at $7.3–$7.9 billion. It plans to raise more than $1 billion, and PE shareholders will sell down in parallel.
Highlights: high-frequency essential demand, high customer loyalty, and ample room for expansion. Risks: slower same-store growth, equity selloffs weighing on the stock price, and geographic concentration of stores. Neutral and watchful—buy on valuation pullbacks.