Jersey Mike’s plans a June IPO that could value the fast‑service sandwich chain at $12bn, matching Domino’s Pizza’s market cap. Blackstone’s 2025 majority stake was priced at $8bn, underscoring investor confidence in the franchise model.

The company’s 19% annual EBITDA growth has projected 2028 earnings of $551m. With $2.1bn of debt, the implied valuation sits at 28× future EBITDA—higher than Wingstop’s 18× and Domino’s 13×, but comparable to SpaceX’s IPO multiple.

Underwriters, numbering 27, aim to pitch Jersey Mike’s as a growth play akin to the recent Cava debut. The chain plans to add 300 stores each in Canada and the UK, and a near‑double pipeline of U.S. sites, pushing franchise sales beyond the current 10% yearly increase.

For investors, the deal signals that quick‑service restaurants can command premium multiples if they sustain strong EBITDA growth and scale aggressively. Business leaders will watch whether the franchise expansion justifies the lofty valuation amid tightening consumer spending.