_**Editor’s Note**__: _One undiscovered American company could become the #1 most profitable gold stock.

Today you can invest for less than $5.00 / share – and I’m predicting 370% gains by IPO day later this year.

[Go here for details on this situation.]([link removed])

Jersey Mike's just took its first official step toward going public.

The sandwich chain announced that it has confidentially filed a draft registration statement with the SEC — the first step in the IPO process.

This is a brand most Americans recognize. With more than 3,200 locations nationwide, Jersey Mike's is the second-largest hoagie sandwich chain in the U.S., behind only Subway.

The story here starts in 1971. Founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14. Four years later, he scraped together enough money to buy Mike's Subs. He changed the name, started franchising, and built the business into a national chain — owning it outright for decades.

Then, in late 2024, Blackstone paid roughly $8 billion for a majority stake.

Now, less than 18 months later, Blackstone is pushing toward an IPO targeting a valuation of $12 billion or more — a 50% step-up from what it paid. Morgan Stanley and JPMorgan are handling the deal. A Q3 2026 debut is possible, though timing will depend on market conditions.

[Here’s how to secure private shares]([link removed]) – right before a big IPO.

The financial profile is worth understanding.

Corporate revenue — primarily royalties collected from franchisees — came in at $309.8 million in 2025, up 10.6% from the prior year. Net income was $183.6 million. That's a 59% net margin on the franchisor's books. Impressive, but it's a narrow slice of the full picture.

**Systemwide sales across all locations hit approximately $4.2 billion in 2025**, up from $3.7 billion the year before. Individual stores average about $1.37 million in annual volume — well above competitors like Subway, Jimmy John's, and Firehouse Subs.

The chain has posted 20 consecutive years of same-store sales increases and added nearly 1,000 locations since the start of 2023.

The new CEO, Charlie Morrison, is the former head of** Wingstop (Nasdaq: WING)** — a company he took public and grew through a decade of aggressive expansion. Under his leadership Wingstop stock went from $19 to $178 – returning more than 800%.

If Jersey Mike’s prices near the $12 billion target, it will be one of the larger restaurant offerings in years.

Jersey Mike’s steady growth and all-start leadership could set this up to a IPO winner later this year. I’ll be sure to send an update once the S-1 is public.

Want to invest in companies like Jersey Mike’s – before it starts trading?

[Go here to get my #1 Pre-IPO]([link removed]) (now open).

Ian Wyatt
Editor, IPO Watch


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