The subscription multiplier is over 10 times! Sandwich chain Jersey Mike's (JMKE.US) is about to go public and the valuation may exceed 12 billion US dollars

The Zhitong Finance App learned that the American sandwich brand Jersey Mike's Subs (JMKE.US) is expected to officially enter the capital market on July 30, and the company's IPO issuance price is expected to fall between $21 and $25. According to market sources, the stock's IPO has been enthusiastically sought after by investors, with a subscription ratio of more than 10 times, indicating that market demand is very strong.

Based on the upper limit of the issue price range of 25 US dollars, Jersey Mike's current IPO is expected to raise about 1.09 billion US dollars, and the corresponding company's valuation will exceed 12 billion US dollars. In terms of market capitalization, the company is expected to become the ninth largest listed catering company in the US. At the same time, it will also become the largest IPO in the US restaurant industry in the past five years. The fund-raising scale and listing valuation will surpass those listed in recent years such as CAVA Group (CAVA.US), Dutch Bros (BROS.US), Sweetgreen (SG.US), and Krispy Kreme (DNUT.US).

Jersey Mike's uses a franchise business model. Currently, it has more than 3,300 stores in the US and a small number of stores in Canada. In fiscal year 2025, the company achieved operating revenue of more than 4 billion US dollars (including sales of franchised stores) and net profit of about 55 million US dollars. During the reporting period, the company added more than 250 net stores, and has achieved positive same-store sales growth for 20 consecutive years, showing strong brand growth and operational resilience.

Judging from the competitive landscape, Jersey Mike's mainly competes with sandwich chain brands such as Jimmy John's, Firehouse Subs, Potbelly (PBPB.US), Quiznos, and Penn Station East Coast Subs; at the same time, the company also competes with Panera, Portillo's (PTLO.US), McDonald's (MCD.US), Wendy (WEN.US), and Burger King's parent company Fast food brands such as Restaurant Brands International (QSR.US) compete for the lunch consumer market.