Jersey Mike’s Subs $1 billion IPO

Davis Polk advised the representatives of the several underwriters in connection with the initial public offering of 43,478,261 shares of Class A common stock of Jersey Mike’s Subs Inc., of which 13,782,609 shares were issued and sold by the company and 29,695,652 shares were sold by certain selling shareholders associated with Blackstone, at $23.00 per share, for total gross proceeds of $1 billion. The common stock is listed on the New York Stock Exchange under the ticker symbol “JMKE.”

Jersey Mike’s Subs is a leading fast-casual restaurant franchisor with more than 3,300 locations across the United States and Canada. Founded in 1956 as Mike’s Subs in Point Pleasant, New Jersey, the company has grown from a single neighborhood sub shop into one of the fastest-growing restaurant brands in America. Jersey Mike’s differentiates itself through its “A Sub Above” positioning, emphasizing fresh-sliced meats and cheeses, authentic recipes and a distinctive customer experience that has earned recognition as the #1 Best Sandwich Chain in America in 2025.

The Davis Polk capital markets team included partners Michael Kaplan and Roshni Banker Cariello, counsel Meaghan Kennedy and associates Elli Park, Dylan Roache and Rose Cheng. Counsel Christopher A. Baratta provided tax advice. Partner Matthew J. Bacal provided intellectual property advice. Counsels Marcie A. Goldstein and Katia Brener provided FINRA advice. Members of the Davis Polk team are based in the New York and London offices.