Blackstone-Owned Jersey Mike’s Confidentially Files IPO at $12B Valuation
Blackstone’s portfolio company Jersey Mike’s has confidentially filed for an IPO that could raise $1 billion at a $12 billion valuation after Blackstone’s $8 billion acquisition in 2024. The sub shop generated $309.8 million revenue in 2025 (up 10.6%) while net income fell to $183.6 million from $238.8 million.
1. IPO Filing and Valuation
Jersey Mike’s has confidentially filed for an initial public offering with plans to raise about $1 billion at an implied $12 billion valuation following Blackstone’s $8 billion acquisition in 2024.
2. Financial Performance
In 2025 the chain generated $309.8 million in revenue, a 10.6% year-over-year increase, but saw net income decline to $183.6 million from $238.8 million in the prior year.
3. Implications for Blackstone
Blackstone stands to realize a significant return on its investment and may partially exit its stake, while leading investment banks will earn underwriting and advisory fees from the IPO.