Jersey Mike's IPO 10x oversubscribed as crypto investors join via Gate.io

Jersey Mike's hasn't priced its IPO yet and investors are already fighting over shares. The New Jersey-based sandwich chain's offering is more than 10 times oversubscribed, according to reports. Demand far exceeds the 43.5 million Class A shares on the block.

For a company that sells hoagies, that level of institutional enthusiasm is unusual. The crypto twist: Gate.io's IPO Access platform is letting eligible users subscribe with stablecoins like USDT and GUSD.

Jersey Mike's targets a price range of $21 to $25 per share for its NYSE listing under the ticker JMKE. At the midpoint, the company carries an implied equity valuation of roughly $7.3 billion. Gross proceeds could land between $913 million and $1.1 billion.

Up to 68% of the offering involves secondary sales by existing shareholders. Most of the money raised isn't flowing into Jersey Mike's coffers for new stores or operations. It's going to early investors cashing out their positions.

The biggest name among those early investors is Blackstone, which acquired a majority stake in early 2025 for around $8 billion. The private equity firm is using an Up-C corporate structure, a common PE playbook that lets existing holders maintain control while taking the company public. Jersey Mike's also issued $760 million in securitized debt in early 2026.

Gate.io's subscription window runs July 27 to July 29, 2026, for eligible investors using stablecoins.

At $7.3 billion, Jersey Mike's valuation would surpass the market cap of competitors like Sweetgreen, testing whether investors will pay premium multiples for franchise restaurant growth.

The risk with hot IPOs is the euphoria fades. Secondary-heavy offerings where insiders sell often face selling pressure after lockup expirations. And $760 million in securitized debt means the company isn't entering public life with a clean balance sheet.