Editor’s Note: Nvidia CEO Jensen Huang says the quantum computing revolution has arrived.
That’s why Nvidia is making huge investments in 3 little-known quantum computing stocks. A new quantum security company opening a final Pre-IPO financing – before going public on Nasdaq or the NYSE.
Jersey Mike's just set the terms for its IPO.
Jersey Mike's Subs
NYSE: JMKE
Price range: $21–$25
Deal size: ~$1 billion
Market cap at IPO: up to $7.94 billion
Expected pricing: July 29
Expected IPO date: July 30
The sandwich chain plans to sell nearly 13.8 million new shares, with existing investors selling an additional 29.7 million shares. That brings the full offering to 43.5 million shares.
Jersey Mike’s market cap would approach $8 billion if the offering is priced at $25.
Blackstone bought its majority stake in early 2025 in a deal that valued Jersey Mike's at around $8 billion including debt. Eighteen months later, it's taking the company public at roughly the same valuation.
In April, I reported that Jersey Mike’s was considering an IPO at a $12 billion valuation. The latest IPO filing suggests that the company has dialed back its IPO expectations and trimmed the valuation by 30%.
This isn't a private-equity firm marking up its investment for a quick flip. Blackstone is keeping about two-thirds of the voting power after the IPO.
The business itself is the second-largest sandwich chain in the country behind Subway. Jersey Mike’s operates more than 3,300 stores across all 50 states — nearly all franchised.
That franchise model is why the headline financials look small. The company collects royalties from store owners rather than booking every sandwich as revenue. Sales came in at $724 million last year, up about 11%. Net income was $55 million.
The margins on that royalty stream are wide — EBITDA runs close to 48%. But the valuation is rich. At the midpoint, the stock trades around 12x sales and 26x EBITDA. The trailing P/E is above 300.
New CEO Charlie Morrison is the draw for a lot of investors. He previously ran Wingstop and took it public, and that stock returned more than 800% over his tenure.
One caution worth naming. Recent consumer discretionary IPOs have been weak as a group, and the poll on this deal is pointing to a modest first-day move rather than a big pop.
Morgan Stanley, Jefferies, and JPMorgan are leading the deal. Shares are expected to price July 29 and begin trading on July 30.
I'll send an update once it's live.
I’m expecting a big wave of tech IPOs before the end of 2026.
That’s why I’m investing in private Pre-IPO deals – just before they go public.
One quantum computing security company could be critical to securing banks, digital assets, medical records, and our nation’s infrastructure and defense systems from quantum computing threats.
The company is preparing to raise a FINAL round of funding – before the IPO.
Ian Wyatt
Editor, IPO Watch