Jersey Mike's Subs Inc. has commenced a roadshow for its proposed initial public offering of 43,478,261 shares of Class A common stock. The offering consists of shares to be sold by Jersey Mike's and certain of its existing stockholders. The company expects to list its Class A common stock on the New York Stock Exchange under the ticker symbol "JMKE."

The IPO price is currently expected to be between $21.00 and $25.00 per share. Selling Stockholders are expected to grant the underwriters a 30-day option to purchase up to an additional 6,521,739 shares of Class A common stock to cover over-allotments at the IPO price, less underwriting discounts and commissions.

Key Offering Details

Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the proposed offering. Barclays and Guggenheim Securities are serving as co-global coordinators and joint bookrunning managers. BofA Securities, Goldman Sachs & Co. LLC, Evercore ISI, UBS Investment Bank, Baird, Wells Fargo Securities, William Blair, RBC Capital Markets, Deutsche Bank Securities, Wolfe | Nomura Alliance, Piper Sandler, Raymond James, Stifel, TD Securities, BTIG, Mizuho, Societe Generale, and Truist Securities are acting as joint bookrunning managers.

Blackstone, PJT Partners, Rabo Securities, Loop Capital Markets, Tigress Financial Partners, Academy Securities, Drexel Hamilton, Penserra Securities LLC, Roberts & Ryan, and Telsey Advisory Group are acting as co-managers.

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The proposed offering will be made only by means of a prospectus.

Jersey Mike's Subs is a fast-casual restaurant franchisor with more than 3,300 locations across the United States and Canada. Founded in 1956 as Mike's Subs in Point Pleasant, New Jersey, the company operates as a franchisor and was recognized as the #1 Best Sandwich Chain in America in 2025.

Jersey Mike's Subs Inc. has publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of its Class A common stock. The company intends to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol "JMKE." The number of shares to be sold and the price range for the proposed offering have not yet been determined, and the completion of the offering is subject to market conditions and the effectiveness of the registration statement.

Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the proposed offering. Barclays and Guggenheim Securities are serving as co-global coordinators and joint bookrunning managers. A syndicate of additional firms has been appointed to manage the offering, including BofA Securities, Goldman Sachs & Co. LLC, and Evercore ISI.

Underwriting Roles

The proposed offering involves a extensive syndicate of financial institutions. The following table outlines the key roles assigned to the underwriters:

The registration statement has been filed with the Securities and Exchange Commission but has not yet become effective. No offers to buy or sales of these securities may be made prior to the time the registration statement becomes effective. The preliminary prospectus will be available from the lead underwriters, including Morgan Stanley, Jefferies, and J.P. Morgan, once filed.