Reuters: IPOX® Associate Lukas Muehlbauer Comments on Jersey Mike’s IPO Filing and Restaurant Listing Trends

Reuters reported that Jersey Mike’s has filed for a U.S. IPO, moving forward with its public-market plans amid renewed investor enthusiasm for new listings. The sandwich chain did not disclose offering terms, but its filing showed net income rose to $55 million in 2025 from $5 million in 2024, while royalties and other revenue increased 11% to $483 million.

IPOX® Associate Lukas Muehlbauer was quoted in the article, providing analysis on Jersey Mike’s appeal to public investors and the broader implications for restaurant IPOs. He highlighted the company’s franchise model, revenue growth, expansion profile, and Blackstone backing as factors shaping the investment narrative.

The article also noted that Jersey Mike’s operates more than 3,300 locations across the U.S. and Canada and plans to expand in the UK and Ireland. Reuters framed the listing as a potential test for investor appetite in restaurant brands, particularly given the sector’s mixed aftermarket performance.

“Jersey Mike's has a straightforward story for public investors,” IPOX Research Associate Lukas Muehlbauer said.

“It is an easy-to-understand franchise business with strong reported revenue growth and expansion, while also being supported by the Blackstone backing.”

“The listing should be a test for restaurant IPOs because the category has had a mixed aftermarket record, with clear winners like Chipotle and Wingstop but also weaker or more uneven outcomes from names like Sweetgreen, Krispy Kreme and others,” Muehlbauer said.

Read the full article by Utkarsh Shetti on Reuters: Sandwich chain Jersey Mike's looks to public markets with US IPO filing