Jersey Mike's is going public. Here are 4 takeaways from its IPO filing, from a $41 million jet to big expansion plans
Jersey Mike's is going public Thursday and has plans to expand globally. Its prospectus highlights growth potential and the founder's private jet.
Jersey Mike's has big expansion plans, according to its IPO prospectus.Bloomberg/Getty ImagesSandwich chain Jersey Mike's is gearing up for an initial public offering on Thursday.It spent $41 million on a jet for its founder and has big expansion plans, according to its IPO prospectus.
Here are four interesting tidbits from the restaurant chain's 220-page document.Jersey Mike's IPO is almost here.The restaurant chain said it expects its shares to begin trading on the New York Stock Exchange on Thursday using the ticker "JMKE," according to an SEC filing.
The company expects the stock to price between $21 and $25 a share, though investors will get an exact price before the IPO.Unlike its peers, many of which went public earlier in their histories, Jersey Mike's is an established brand with thousands of restaurants.Founder Peter Cancro started Jersey Mike's after buying a single sandwich shop in New Jersey in 1975.
Since then, Cancro has grown Jersey Mike's into a national chain. Last year, private equity firm Blackstone acquired a majority stake in the company for $8 billion.Its latest S-1 securities filing, a document that companies file with the Securities and Exchange Commission in preparation to go public, divulges new information about the company, its strategy, and the people who have led it.
Here are some of the most interesting aspects of the business that the prospectus includes:Jersey Mike's wants to more than quadruple its store baseThere are about 3,300 mostly franchisee-operated Jersey Mike's restaurants in the US, and that number could grow considerably, the company wrote in the filing. Its densest concentration of stores is in some Southeastern states, such as North and South Carolina.Jersey Mike's estimated that it could open as many as 7,500 stores in the US."
While we operate in all 50 states today, we believe we remain under-penetrated in all markets, providing substantial runway for growth," the document reads.That number could grow to 15,000 with in
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