#直通IPO第二期JerseyMikes

Jersey Mike’s: A Capital Feast for a Sandwich Chain

In July 2026, the sandwich chain brand Jersey Mike’s officially launched its IPO, with the stock ticker “JMKE.” The IPO pricing range was set at $21 to $25 per share, with plans to raise up to $1.09 billion and a target valuation as high as $12 billion.

The company began in 1956 as a small shop along the seaside in New Jersey. It was bought step by step after a 17-year-old high school student took out a loan to purchase it. Its core competitive advantage is a light-asset franchise model—among more than 3,300 stores across the U.S., 99% are operated by franchisees. In 2025, system sales totaled $4.3 billion, and net profit jumped from $5 million in 2024 to $55 million.

However, the high valuation has sparked market controversy. Around 68% of the IPO shares are existing shares sold by current shareholders, and the funds raised are mainly used to repay debts incurred during Blackstone’s acquisition. A $12 billion valuation is far above dining peers such as McDonald’s, and the market is keeping an eye on whether this premium can be sustained over time.

This IPO was launched simultaneously on the Gate platform through “direct IPO” subscriptions, allowing users to participate with USDT or GUSD. Jersey Mike’s plans to expand into Europe, opening 400 stores in the UK and Ireland. Whether this sandwich chain can write a new growth story in the capital markets remains to be tested by time.