Jersey Mike's Subs began trading on the New York Stock Exchange Thursday under the ticker JMKE, priced at $23 per share, raising approximately $1 billion and valuing the 3,300-location sandwich chain at $7.3 billion.
The stock opened at $21 and fell roughly 3 percent during the afternoon session, making it a below-the-offer debut for what is the largest US consumer IPO of 2026.
The ceremony on the NYSE floor featured an unusual roster of guests: founder and chairman Peter Cancro, who bought the original Point Pleasant Beach, New Jersey shop at age 17 in 1971, new CEO Charlie Morrison, Eli Manning (a founding partner of Brand Velocity Partners, one of Jersey Mike's backers) and Danny DeVito, who has appeared in Jersey Mike's advertising campaigns.
The IPO was reportedly ten times oversubscribed by institutional investors before pricing.
One thing public investors should understand: they own the economics but not the power. Blackstone, which acquired a majority stake in Jersey Mike's for roughly $8 billion including debt in late 2024, retains approximately two-thirds of the voting control after the offering. Jersey Mike's used a dual-class share structure meaning JMKE Class A shareholders have limited governance rights.
The company plans to grow from 3,300 locations to 15,000 globally, with a master franchise agreement already signed to bring the chain to the UK and Irelan