Popular Sandwich Chain Plans IPO Valued Up to $1 Billion

Jersey Mike’s Subs is planning an IPO to the tune of $12 million with hopes to raise more than $1 billion, according to Bloomberg. The sandwich chain currently has 3,300 stores, and it has the potential to grow to 8,000.

Jersey Mike’s keeps its menu pretty simple; there’s the Italian, the ham, the turkey, all with one type of cheese, provolone, with a few secret menu items that frequent visitors know about. Regulars know they can get any sub “Mike’s way,” with tomatoes, onion, lettuce, and a little vinegar and spices.

But they don’t plan to change much about the menu or how the business is run, according to CEO Charlie Morrison, who has served in this leadership role since April 2025.

“We’re not going to change anything,” Morrison said at the ICR conference, according to Restaurant Business. The conference brings together public and private company management teams, investors, and research analysts each year. Some call it “The Super Bowl of consumer conference.”

“There’s no need to change it. We’ve had 20 consecutive years of same-store sales growth. We’re opening 300 units a year on average over the last five years. Why would we modify that?”

From Humble Beach Beginnings

The sub shop opened in 1956 as a place for people at the beach to get a quick and inexpensive lunch. From the first scenic locale on the Jersey Shore, close to NYC, Philly, and Washington, DC, it’s expanded far and wide. The quality is consistent from store to store so regulars, no matter where they are can expect the same experience.