Jersey Mike's Quietly Files for IPO

Jersey Mike's just signaled it may soon be selling more than subs. The fast-growing sandwich chain has confidentially filed for an IPO, the first formal move toward becoming a publicly traded company, CNBC reports. The step comes a little over a year after private equity firm Blackstone acquired a majority stake in a deal that reportedly valued Jersey Mike's at about $8 billion. Soon after, the company brought in former Wingstop chief Charlie Morrison, who previously steered that chain through its own stock-market debut and expansion run.

Jersey Mike's now operates more than 3,000 locations across the US, making it the country's No. 2 submarine sandwich chain behind Subway. If Jersey Mike's completes the listing, it would be the first US restaurant IPO since Black Rock Coffee Bar went public in September. Reuters notes that IPO activity is starting to pick up after a sluggish period linked to worries about the Iran war. Last year, much of the financial activity in the sector went the other way, Restaurant Dive reports. Denny's and Potbelly went private and Jack in the Box sold the Del Taco chain to private investors.