Blackstone-owned sandwich chain Jersey Mike’s has filed for an initial public offering, as the private equity firm looks to capitalise on stronger public markets and return cash to investors, according to a report by the FT.
The firm is targeting a valuation of about $10bn to $12bn for the US restaurant chain, after acquiring a majority stake in the business at an $8bn valuation in 2024. The listing could deliver a rapid gain for Blackstone and co-investors including the Abu Dhabi Investment Authority, particularly after Jersey Mike’s paid nearly $500m in dividends to its owners following a securitisation of some franchise fees.
Jersey Mike’s generated $724m in revenue last year, up 11% year on year, while same-store sales rose 3%. The company reported net income of $55m. Proceeds from the IPO are expected to be used to repay part of Jersey Mike’s $2.1bn debt pile, most of which was used to finance Blackstone’s acquisition.
The filing comes as Blackstone seeks to exit more portfolio companies through public listings. The firm distributed $34bn from private equity deals in 2025, supported by IPOs including Medline Industries and Legence, and is also preparing a potential listing of industrial cooling company Copeland.
