Blackstone has filed to take Jersey Mike's Subs public, submitting an S-1 registration to the SEC on July 2, 2026. The private equity giant aims to list the sandwich chain on the NYSE under the ticker 'JMKE', targeting a valuation of at least $12bn and raising over $1bn in the offering.

The move comes less than 18 months after Blackstone acquired the fast-growing franchisor, marking a quick exit strategy for the firm. Jersey Mike's has been expanding aggressively across the U.S., capitalizing on the premium sandwich market that has drawn investors to chains like Chipotle and Shake Shack.

Blackstone will maintain majority voting control post-IPO, allowing Jersey Mike's to remain a 'controlled company' under NYSE rules. This structure gives the private equity firm continued influence over strategic decisions while providing public market liquidity. The offering size and price range remain unspecified in the filing.

The IPO reflects continued appetite for restaurant brands with strong franchise models, particularly those offering fast-casual dining experiences. For Blackstone, the deal represents a swift monetization of its investment in a sector that has delivered solid returns amid post-pandemic dining shifts.