Jul. 3 at 1:47 AM
Jersey Mike's Subs has filed confidentially for a U.S. initial public offering, marking another high-profile listing as IPO activity continues to recover. The sandwich chain, which operates more than 3,300 locations across the U.S. and Canada, said Blackstone will retain majority voting control after the offering.
Blackstone acquired Jersey Mike's last year in a deal valued at about
$8 billion, including debt. Bloomberg previously reported the company is seeking a valuation of at least
$12 billion and aims to raise more than
$1 billion through the IPO.
The filing comes as restaurant stocks face a challenging backdrop, with the S&P 1500 Restaurants Index down 1.2% year to date through July 1, lagging the S&P 500's 9.3% gain amid cautious consumer spending, cost inflation, and intense promotional competition.
Founded by Peter Cancro in 1975, Jersey Mike's recently appointed former Wingstop CEO Charlie Morrison as chief executive, while Cancro transitioned to the role of chairman.
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