Jersey Mike's Files Confidential IPO with SEC, Targets $12 Billion Valuation
Jersey Mike's Subs has submitted a confidential application for an IPO to the U.S. Securities and Exchange Commission, aiming for a valuation of no less than $12 billion and planning to go public in Q3. The deal is being advised by Morgan Stanley, JPMorgan Chase, and Jefferies Financial Group. The company intends to raise upwards of $1 billion, although these figures may change. Last year, Blackstone purchased a majority share in Jersey Mike's for approximately $8 billion. With over 3,000 locations, the chain generated $309.8 million in revenue, marking a 10.6% rise, while net income decreased to $183.6 million. Jersey Mike's also plans to establish 400 outlets in the U.K. and Ireland alongside founder Peter Cancro.
Key facts
- Jersey Mike's has confidentially filed for an IPO with the SEC
- Targeting valuation of at least $12 billion
- Hopes to list as soon as the third quarter
- Morgan Stanley, JPMorgan Chase, and Jefferies Financial Group are advising
- Aims to raise upward of $1 billion
- Blackstone acquired a majority stake early last year for about $8 billion including debt
- Chain has more than 3,000 locations
- Second-largest hoagie sandwich chain in the U.S., trailing only Subway
Entities
Institutions
- Jersey Mike's Subs
- U.S. Securities and Exchange Commission
- Blackstone
- Morgan Stanley
- JPMorgan Chase
- Jefferies Financial Group
- Bloomberg
- Wingstop
- CNBC
- Black Rock Coffee Bar
Locations
- U.S.
- Jersey Shore
- Point Pleasant, New Jersey
- U.K.
- Ireland
Sources
- Quartz —