From a small shop bought by a 17-year-old high school student to a $125k deal: Jersey Mike’s is set to list on Gate via IPO Access

On July 27, 2026, the second batch of Gate’s “IPO Access” program—Jersey Mike’s (JMKE)—will officially open for expression of interest. This catering giant, with more than 3,300 locations and annual revenue of $4.2 billion, is set to open an IPO subscription channel to users worldwide through the Gate platform. From a seaside little shop to a “hundred-billion” valuation, Jersey Mike’s has spent 70 years writing a business story about persistence, legacy, and growth.

I. The beginning of the story: a seaside shop in New Jersey in 1956

In 1956, in Point Pleasant, a seaside town in New Jersey, USA, a sandwich shop called Mike’s Subs opened. The storefront wasn’t large. It sold submarine sandwiches common in the northeastern United States—long buns split, filled with ham, beef, cheese, lettuce, and onions, then drizzled with vinaigrette. Its main customers were local residents and vacationers who poured in during the summer.

The person who truly changed the fate of this little shop was a high school student named Peter Cancro. In 1971, the 14-year-old Cancro began working at Mike’s Subs. In 1975, the owner put the shop up for sale, and at that time, the 17-year-old Cancro made an astonishing decision—to buy it. Encouraged by his mother, he found his high school football coach, who also happened to be a banker. In the end, Cancro took out a $125k loan from the coach to buy the shop.

Cancro renamed the store Jersey Mike’s, paying tribute to the beginning and telling everyone about its New Jersey “heritage.” In 1987, Jersey Mike’s officially began franchising. Over the next 30-plus years, the brand expanded steadily—reaching about 750 locations by 2014 and surpassing 1,000 locations in 2015.

Jersey Mike’s took a completely different path from Subway. Subway turned sandwiches into standardized industrial products, while Jersey Mike’s has long worked to preserve the “street-side shop” feel—meat slices are freshly cut in front of customers, and sandwiches are prepared on the spot. This commitment to quality and experience has become its deepest brand moat.

II. Blackstone enters the picture and the road to the IPO

In November 2024, global private equity powerhouse Blackstone announced it would acquire a majority stake in Jersey Mike’s for about $8 billion (including debt). Founder Cancro did not fully exit; instead, he retained his shares and became Chairman of the Board. In 2025, former Wingstop CEO Charlie Morrison took over as CEO, injecting fresh management momentum into this nearly 70-year-old brand.

On July 6, 2026, Jersey Mike’s officially filed its IPO application with the U.S. Securities and Exchange Commission (SEC). The company plans to list on the New York Stock Exchange under the ticker symbol “JMKE.” Market expectations put the fundraising amount at more than $1 billion, with a valuation of at least $12 billion—making it poised to become one of the largest consumer IPOs globally in 2026. According to the prospectus, Jersey Mike’s plans to issue about 43.5 million shares of Class A common stock, with an offering price range of $21–$25 per share. The total financing amount could reach up to $1.09 billion.

III. Standout financial performance

Jersey Mike’s financial data is equally impressive. In 2025, the company’s systemwide sales were about $4.3 billion; full-year revenue was $714 million (about RMB 28.5 billion); net profit surged from $5 million in 2024 to $55 million. At the store level, Jersey Mike’s has achieved positive same-store sales growth for nearly 20 consecutive years. From 2020 to 2025, the cumulative increase reached 50%. The average annual sales per franchisee store are about $1.36 million, with store profit margins of about 16%, cash return on investment of about 42%, and an investment payback period of only about 2.4 years.

Nearly 99% of locations are operated by independent franchisees, enabling the company to generate steady royalty income at relatively lower capital expenditure levels. Meanwhile, the company’s loyalty program has expanded to more than 12.5 million active members.

IV. Gate IPO Access: breaking traditional capital barriers

For ordinary investors, participating in a U.S. stock IPO has long been difficult—requiring opening an overseas securities account, meeting asset thresholds, and going through complex cross-border procedures. Gate’s “IPO Access” is made precisely for this purpose.

After the widely watched first batch of the SpaceX project, Gate formally launched Jersey Mike’s (JMKE) as its second batch. Users do not need to open an overseas securities account; they only need to hold a Gate account and complete identity verification to participate.

Key subscription details are as follows:

· Expression of interest period: July 27, 2026, 10:00 – July 29, 2026, 10:00 (UTC+8)
· Reference subscription price: $21–$25 per share (final allocation price to be determined by the actual IPO pricing)
· Supported currencies: USDT or GUSD (two-currency participation, each with 50% of the allocation)
· Minimum investment: 100 USDT or 100 GUSD
· Maximum investment: 500,000 USDT or 500,000 GUSD
· Fees: no additional fees
· Stock distribution: July 30, 2026 (completed before listing)
· Lock-up period: no lock-up; 100% unlocked

Three major core advantages are worth paying attention to:

First, GUSD subscriptions offer a 3.8% holding return. Users who subscribe with GUSD can simultaneously enjoy a 3.8% annualized holding return during the subscription period, and support zero-fee-rate quick redemptions. Even if the final allocation is not obtained, GUSD subscriptions still receive the normal 3.8% annualized return during the subscription period.

Second, a transparent allocation mechanism. The platform calculates the final stock allocation weight based on the proportion of each user’s hourly average locked-in amount during the expression-of-interest period relative to the project’s overall average total expression-of-interest amount. The USDT and GUSD each account for 50% of the subscription pool. After users submit their subscriptions, they may receive all allocations, partial allocations, or no allocated shares. If the platform ultimately receives no allocation for any portion, USDT subscription users can still receive an annualized 3.8% interest subsidy based on their locked-in funds.

Third, an all-in-one trading experience. Shares that are successfully allocated will be distributed directly to the user’s Gate stock account, and users can enter Gate’s U.S. stock section to trade real shares directly. The shares have no lock-up period, so they can be traded freely after listing.

V. Opportunities and challenges coexist

Jersey Mike’s’s IPO also comes with factors that need to be considered carefully. In this IPO, about 68% of the issued shares are existing shares sold by current shareholders, rather than newly issued shares. The company expects the remaining funds it receives to be mainly used to repay debts related to the acquisition. After the IPO, Blackstone is expected to remain the controlling shareholder. In addition, the company’s store expansion has shifted from high-speed growth to a mature stage; the pace of revenue growth, same-store sales, and new store openings has shown some slowdown.

Conclusion

From a small shop on the New Jersey seaside in 1956 to today’s food-and-beverage giant with more than 3,300 locations, Jersey Mike’s has spent 70 years proving its business philosophy of “sticking to quality and steadily moving forward.” Now, with Blackstone’s backing, the brand is about to list on the NYSE, starting a new journey in the capital markets.

And through Gate IPO Access, global users have, for the first time, the opportunity to participate in the growth of such a top consumer brand at the IPO stage. The expression-of-interest window will officially open at 10:00 on July 27 (UTC+8)—this is not only an opportunity to invest in Jersey Mike’s, but also a historic moment to experience how a Web3 platform can break traditional capital barriers and allow global users to participate equally in allocating quality assets.

Risk notice: This article is for information sharing only and does not constitute any investment advice. Submitting an expression of interest does not mean that you will definitely be allocated shares. Digital assets and IPO investments involve risks. Please read Gate’s official announcements and the project prospectus carefully before participating, fully understand the subscription rules and potential risks, and make rational decisions based on your own risk tolerance.
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