Can You Invest in Jersey Mike's Pre-IPO?
Key Points
Most investors won't be able to get in ahead of Jersey Mike's planned IPO.
The best alternative is to buy shares of Blackstone, which owns a majority stake in Jersey Mike's.
Wall Street is hungry for Jersey Mike's IPO because other fast-casual IPOs have been quite successful.
- 10 stocks we like better than Blackstone ›
Jersey Mike's plans to add a new option to its menu -- but only for investors. The popular restaurant chain confidentially filed for an initial public offering (IPO) on April 20, 2026.
Can you invest in Jersey Mike's before the IPO? Probably not. Pre‑IPO access is usually available only to private‑equity firms, institutional investors, and accredited investors. Here's what you need to know about Jersey Mike's IPO plans.
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What investors need to know about Jersey Mike's IPO
There are more questions than answers about Jersey Mike's IPO, at least for now. The company's regulatory filing didn't disclose any financial details. We don't even have a specific date for when the IPO might be conducted yet. Jersey Mike could even delay or withdraw the IPO if market conditions aren't favorable.
What information is known at this point? Bloomberg reported that sources familiar with Jersey Mike's planned IPO said the company could go public as early as the third quarter of this year.
Bloomberg's sources also revealed that Jersey Mike's is targeting an initial valuation of about $12 billion. If this figure is correct, it reflects a steep price-to-sales multiple of 38.7, based on the restaurant operator's 2025 revenue of $309.8 million. To put that number into perspective, the average price-to-sales ratio for the restaurant industry is only 2.5. Fast-food stocks such as Domino's Pizza (NASDAQ: DPZ) and Restaurant Brands International (NYSE: QSR) trade at price-to-sales multiples of below 4x.
While investors wait for more information, there is one indirect way to invest in Jersey Mike's. Alternative investment management company Blackstone (NYSE: BX) acquired a majority stake in Jersey Mike's in 2024 for around $8 billion. Buying shares of Blackstone, therefore, will give you ownership in Jersey Mike's.
You can even buy Blackstone at a discount right now. The stock plunged in recent months in part due to concerns about the private credit industry and the Trump administration's move to ban institutions from buying single-family homes.
Why Wall Street is hungry
It's understandable why Wall Street could be salivating over Jersey Mike's IPO. The company's CEO, Charlie Morrison, guided Wingstop (NASDAQ: WING) through its 2015 IPO. Wingstop's stock has delivered a nearly 6x return since then, handily beating the S&P 500's (SNPINDEX: ^GSPC) performance.
Other fast-casual restaurant stocks have also been winners for investors. For example, an initial investment of $10,000 in Chipotle Mexican Grill (NYSE: CMG) when it went public in 2006 would be worth more than $380,000 today. If you invested in Cava Group (NYSE: CAVA) at its IPO in 2023, you would have more than doubled your money.
Wall Street also knows that Jersey Mike's has significant growth opportunities. The company currently has 3,326 locations in the U.S. It intends to open nearly 300 new restaurants soon. Jersey Mike's website states that it has more than 4,000 locations "open and under development." In addition, the restaurant chain is targeting international growth, with plans to open 300 locations in Canada through a partnership with Redberry Restaurants.
What investors should watch
The next key step in Jersey Mike's IPO process will be submitting its S-1 filing to the U.S. Securities and Exchange Commission (SEC). The S-1 will address many of the currently open questions, including the anticipated price range for IPO shares. Investors will also be able to see Jersey Mike's financial details that have been unavailable thus far.
It remains to be seen if Jersey Mike's will rank among the hottest IPO stocks of 2026. That could be especially difficult with the IPOs for Anthropic, OpenAI, and SpaceX on the horizon. However, considering the successful IPOs for Cava, Chipotle, and Wingstop, many investors will closely watch Jersey Mike's IPO progress.
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Keith Speights has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Blackstone, Cava Group, Chipotle Mexican Grill, and Domino's Pizza. The Motley Fool recommends Restaurant Brands International and Wingstop and recommends the following options: short June 2026 $36 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy.
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