A Stock Above? Restaurant Chain Jersey Mike’s Is Going Public

Restaurant chain Jersey Mike’s, which specializes in making sub sandwiches, has filed to hold an initial public offering (IPO).

The New Jersey-based company, whose advertising slogan is “a sub above,” has confidentially filed with the U.S. Securities and Exchange Commission (SEC) for an IPO. The exact timing of the upcoming market debut is not yet known.

However, the IPO plans come a little more than a year after private equity firm Blackstone (BX) bought a majority stake in the sandwich chain in a deal that valued Jersey Mike’s at $8 billion. After the Blackstone deal closed, Jersey Mike’s hired veteran restaurant executive Charlie Morrison to be its CEO.

Jersey Mike’s Stats

With more than 3,000 locations across the U.S., Jersey Mike’s is the second-largest sandwich chain in the U.S. after privately held Subway. Jersey Mike’s reported revenue of $309.8 million in 2025, up 10% from the previous year. In addition to Subway, Jersey Mike’s competes against burger chains such as McDonald’s (MCD) and Wendy’s (WEN).

However, the chain’s 2025 net income of $183.6 million was down 23% from $238.8 million recorded a year earlier. The market for IPOs has been weak so far this year due to ongoing volatility. But that could change in coming months as several blockbuster IPOs occur, notably for SpaceX.

Is MCD Stock a Buy?

As we wait for the Jersey Mike’s IPO, let’s look at the stock of competitor McDonald’s, which has a consensus Moderate Buy rating among 25 Wall Street analysts. That rating is based on 15 Buy and 10 Hold recommendations assigned in the last three months. The average MCD price target of $349.48 implies 13.79% upside from current levels.