Jersey Mike’s Subs, the sandwich franchise backed by Blackstone, has lodged a confidential draft registration with the SEC, signaling its intention to go public. The filing, submitted Monday, does not yet disclose the number of shares or price range for the offering. Investors will now await a formal prospectus that could value the chain amid a crowded fast‑food IPO market.

Blackstone acquired a majority stake in Jersey Mike’s in 2022, aiming to leverage the brand’s $4.5 billion systemwide sales and expand its footprint. Turning the franchise into a public company would give the private‑equity firm an exit path and provide capital for further store roll‑outs, while giving investors exposure to a stable, franchise‑driven business model.

With the confidential filing, market participants will scrutinize comparable quick‑service listings to gauge pricing. Should the IPO price reflect the chain’s growth trajectory, Blackstone could unlock several hundred million dollars, reshaping its portfolio balance. The move underscores a broader trend of private‑equity‑backed restaurant brands seeking public markets for liquidity.

Because the registration remains confidential IPO filing, the SEC will not release the prospectus until the company files a final S‑1. Until then, analysts will monitor Blackstone’s typical exit multiples and the appetite for consumer‑sector IPOs to estimate potential valuation.