In 1975, a 17-year-old named Peter Cancro bought his first sub shop in Point Pleasant, New Jersey. On Wednesday, that shop’s parent company went public at a $7.3 billion valuation. Jersey Mike’s and its backers raised $1 billion in an IPO priced at $23 a share, more than 10 times oversubscribed, Bloomberg reports.

The chain now has more than 3,300 US and Canadian locations, plus an expansion deal with Cancro to open roughly 300 more across the UK and Ireland. Revenue grew 11% to $724 million last year, and Jersey Mike’s US sales growth has outpaced rivals like Jimmy John’s, while Subway has actually declined, as diners lean toward sandwiches over pricier bowl concepts.

Blackstone, which bought Jersey Mike’s last year for about $8 billion including debt, will retain 68% of voting power after the IPO. Cancro stepped back from CEO to chairman in April, handing the role to Charlie Morrison, who previously ran Wingstop and Salad and Go. Shares began trading Thursday on the NYSE under the ticker JMKE.

In 1975, a 17-year-old named Peter Cancro bought his first sub shop in Point Pleasant, New Jersey. On Wednesday, that shop’s parent company went public at a $7.3 billion valuation. Jersey Mike’s and its backers raised $1 billion in an IPO priced at $23 a share, more than 10 times oversubscribed, Bloomberg reports.

The chain now has more than 3,300 US and Canadian locations, plus an expansion deal with Cancro to open roughly 300 more across the UK and Ireland. Revenue grew 11% to $724 million last year, and Jersey Mike’s US sales growth has outpaced rivals like Jimmy John’s, while Subway has actually declined, as diners lean toward sandwiches over pricier bowl concepts.

Blackstone, which bought Jersey Mike’s last year for about $8 billion including debt, will retain 68% of voting power after the IPO. Cancro stepped back from CEO to chairman in April, handing the role to Charlie Morrison, who previously ran Wingstop and Salad and Go. Shares began trading Thursday on the NYSE under the ticker JMKE.

Jonathan Small is a bestselling author, journalist, producer, and podcast host. For 25 years, he... Read more