Jersey Mike’s, the sandwich chain majority-owned by Blackstone Group, has filed for an initial public offering as part of Blackstone’s broader strategy to capitalize on favorable financial markets and return capital to investors. The move marks a potential significant liquidity event for the alternative investment firm, which acquired a majority stake in Jersey Mike’s in early 2024 at an $8 billion valuation.

People familiar with the matter indicated that Blackstone is targeting a valuation between $10 billion and $12 billion for Jersey Mike’s in the IPO. At those levels, the firm and its co-investors, including the Abu Dhabi Investment Authority, would effectively double their investment in the company within roughly a year, factoring in nearly $500 million in dividends that Jersey Mike’s generated through a securitization of some of its franchise fees.

The offering stands out as Blackstone manages to achieve a quick return while many private equity firms have encountered challenges in exiting investments amid a more uncertain market environment. Earlier this year, Blackstone president Jonathan Gray highlighted the firm’s intent to pursue multiple public offerings, describing its pipeline of potential listings as among the largest in the firm’s history. In 2025 alone, Blackstone distributed $34 billion in cash from private equity exits, which included IPOs of companies such as Medline Industries and engineering firm Legence. Additionally, the firm is moving forward with plans to list industrial cooling company Copeland, leveraging growing infrastructure investment driven by demand from artificial intelligence companies.

Jersey Mike’s was originally founded by entrepreneur Peter Cancro, who worked at its first location on the New Jersey shore as a teenager before eventually acquiring the chain with financial support from his high school football coach. Under Blackstone’s ownership, the sandwich chain has become one of the fastest-growing restaurant brands in the United States. In the most recent fiscal year, Jersey Mike’s reported revenue of $724 million, an 11 percent increase over the prior year, alongside same-store sales growth of 3 percent and net income totaling $55 million.

Although Cancro stepped down as CEO in April 2025, members of his family retained roles within the company, some receiving multimillion-dollar compensation packages prior to their departures. Jersey Mike’s intends to use the proceeds from the IPO to reduce a $2.1 billion debt burden, strengthening its balance sheet as it prepares to operate as a publicly traded company.