Jersey Mike’s Investors May Collectively Earn $742 Million From IPO

Forbes Published Jul 20, 2026 Reviewed Jul 20, 2026 ✓ Reviewed by citations.press editors

Jersey Mike’s Subs plans to raise $1.09 billion by offering 43.5 million shares at $21 to $25 each in its IPO.

Jersey Mike’s Subs has posted positive sales growth at locations open at least a year for 20 consecutive years.

Existing shareholders of Jersey Mike’s Subs could collectively earn $742 million from the IPO if shares are sold at $25 each.

Blackstone acquired a majority stake in Jersey Mike’s Subs for about $8 billion in November 2024.

Blackstone holds 26.3 million shares and Abu Dhabi Investment Authority holds 3.3 million shares in Jersey Mike’s Subs ahead of its IPO.

Jersey Mike’s Subs operates more than 3,000 domestic locations and generates more than $4 billion in annual sales.

Blackstone will retain 76.5% of voting control in Jersey Mike’s Subs after the IPO closes.

Jersey Mike’s Subs is valued at $8 billion according to an amended IPO filing on Monday.

Philip Sivolobov, stepson of Jersey Mike’s founder Peter Cancro, received $50.5 million from Jersey Mike’s from 2023 to 2025.

A market debut for Jersey Mike’s Subs could bring more than $700 million in proceeds to existing shareholders, according to an amended IPO filing on Monday that values the sandwich chain at $8 billion.

Jersey Mike’s, which plans to list on the New York Stock Exchange under the ticker “JMKE,” disclosed to the Securities and Exchange Commission on Monday it planned to raise $1.09 billion by offering 43.5 million shares at $21 to $25 each.

About 68% of the offering will be sold by existing shareholders, or roughly 29.6 million of the 43.5 million shares, pocketing equity holders about $742 million if sold at $25, while Jersey Mike’s would earn about $345 million.

That includes 26.3 million shares from Blackstone and 3.3 million shares from Abu Dhabi Investment Authority, according to the filing.

Blackstone would retain 76.5% of voting control after the initial public offering closes, leaving the investment firm in control over Jersey Mike’s and limiting the influence of public shareholders.

Jersey Mike’s IPO prospectus earlier this month revealed how much the family of founder Peter Cancro, whose net worth is estimated at $4.9 billion as of Monday, has been paid by the company. His stepson, Philip Sivolobov, received $50.5 million from Jersey Mike’s from 2023 to 2025, and Cancro’s brother-in-law Daniel Power collected more than $31 million from 2024 to 2025, while brother John Cancro received about $21 million from 2023 to 2025. The filing noted Peter Cancro’s family members were “employed by the company in various roles,” though no family members listed in the filing received compensation from Jersey Mike’s in the 13 weeks ending March 29, 2026. The prospectus also showed that, around the time Blackstone took control of Jersey Mike’s, the company transferred an aircraft to an entity controlled by Peter Cancro for about $41 million.

20. That’s how many consecutive years Jersey Mike’s has posted positive sales growth at locations open at least a year, according to the filing.

Jersey Mike’s—then known as Mike’s Subs—was founded in 1956 as a single location in Point Pleasant, New Jersey, before Peter Cancro expanded on its business in the 1980s. The sandwich chain has since grown to more than 3,000 domestic locations and more than $4 billion in annual sales. Blackstone announced in November 2024 it reached an agreement with Jersey Mike’s to acquire a majority stake in the firm for about $8 billion.

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