Blackstone has completed a partial exit from its investment in restaurant chain Jersey Mike’s after the US sandwich franchise priced its initial public offering (IPO) at $23 per share, raising approximately $1bn and valuing the business at around $7.3bn, according to a report by Reuters.
The offering, one of the largest restaurant IPOs in recent years, was priced at the midpoint of its marketed range. Around 43.5 million shares were sold in total, including both newly issued stock and shares offered by existing investors.
The listing marks an early liquidity event for Blackstone, which acquired a majority stake in the New Jersey-based business in 2025 in a transaction that valued the company at roughly $8bn. Despite reducing its holding through the IPO, the private equity firm is expected to retain approximately two-thirds of the company’s voting rights following the flotation.
The deal comes at a time when private equity sponsors have faced a prolonged slowdown in traditional exit routes, with IPO activity and strategic sales remaining subdued for many portfolio companies. As a result, firms have increasingly relied on alternative liquidity solutions, including continuation funds, to extend ownership of assets.
Jersey Mike’s operates more than 3,300 locations across the US and Canada, making it the country’s second-largest sub-style sandwich chain by sales behind Subway. The company also intends to pursue international expansion.
The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol JMKE, with Morgan Stanley, Jefferies, JPMorgan Chase, Barclays and Guggenheim Securities acting as joint book-running managers.