Sandwich chain Jersey Mike's Subs (JMKE.US) is expected to make its public market debut on July 30, with its IPO price reportedly set between $21 and $25 per share. Market sources indicate that the stock has generated significant enthusiasm from investors, with the offering oversubscribed by more than 10 times, signaling robust demand. If priced at the top end of the $25 range, the IPO would raise approximately $1.09 billion, valuing the company at over $12 billion.

By market capitalization, Jersey Mike's would become the ninth-largest publicly traded restaurant company in the United States, and also the largest IPO in the US restaurant sector over the past five years. The fundraising size and listing valuation would surpass those of recently listed restaurant chains such as CAVA Group Inc. (CAVA.US), Dutch Bros Inc. (BROS.US), Sweetgreen Inc. (SG.US), and Krispy Kreme Inc. (DNUT.US).

Where to start

Jersey Mike's operates a franchise model, with over 3,300 locations across the United States and a small number of outlets in Canada. For the fiscal year 2025, the company reported revenue exceeding $4 billion (including franchise store sales) and a net profit of approximately $55 million. During the period, the company added over 250 net new stores and has achieved positive same-store sales growth for 20 consecutive years, demonstrating strong brand resilience and operational momentum.

Why just 10 ASX 200 shares?

In terms of competitive landscape, Jersey Mike's Subs Inc. (JMKE.US) primarily competes with other sandwich chains such as Jimmy John's, Firehouse Subs, Potbelly Corporation (PBPB.US), Quiznos, and Penn Station East Coast Subs. Additionally, the company vies for the lunch market segment with fast-food brands including Panera, Portillo's Inc. (PTLO.US), McDonald's Corporation (MCD.US), The Wendy's Company (WEN.US), and Restaurant Brands International Inc. (QSR.US), the parent company of Burger King.