Jersey Mike’s is heading to Wall Street, but investors aren’t just talking about sandwiches.
The popular sub chain officially submitted its Form S-1 prospectus to the SEC for an initial public offering on July 2.
Inside the IPO
The company’s upcoming IPO filing has sparked a wave of social media reactions after revealing outlandish payments to founder Peter Cancro’s family, a $41 million private aircraft, and billions in debt the company hopes to reduce through its public offering.
Among the biggest surprises in the Securities and Exchange Commission filing was the disclosure that Cancro’s stepson, Phillip Sivolobov, received more than $50.5 million in total compensation between 2023 and 2025, Forbes reported.
The filing also showed Cancro’s brother-in-law, Daniel Powers, collected more than $31 million during fiscal years 2024 and 2025, while his brother, John Cancro, received roughly $21 million over the three-year period.
The company noted that none of those family members received compensation during the 13 weeks ending March 29, 2026.
The filing also revealed that, following New York-based alternative asset management firm Blackstone’s majority acquisition of Jersey Mike’s in 2024, a private aircraft was transferred to an entity controlled by Cancro for a whiopping $41 million. The company spent another $2 million in 2025 to pay for the founder’s air travel expenses.
Those disclosures quickly sparked backlash across social media.
One X user joked, “So does the $41M plane actually fly to franchise locations or just vacation homes?”
Another questioned the company’s corporate governance, writing, “$50M to a stepson and a $41M aircraft in the S-1 is exactly what makes institutional investors scrutinize governance.”
One viral post asked, “So the stepson’s $50M—does he actually work there?”
The IPO filing states that several members of Cancro’s family were employed by the company in various roles while Jersey Mike’s operated as a privately held business.
The financial disclosures come as Jersey Mike’s seeks to raise capital while carrying approximately $2.1 billion in long-term debt, CNBC reported. Earlier this year, the company borrowed about $760 million through a whole-business securitization, using the proceeds to refinance existing debt and fund a dividend to Blackstone.
Still, Jersey Mike’s remains one of the fastest-growing restaurant brands in America.
The chain reported $4.3 billion in systemwide sales in 2025, while revenue climbed to $724 million, producing net income of approximately $55 million.
Founded in 1956, Jersey Mike’s currently operates nearly 3,300 locations, making it the nation’s second-largest hoagie chain behind Subway. Some 99 percent of Jersey Mike’s restaurants are franchised, with royalty and advertising fees generating much of the company’s revenue.
The IPO filing also reveled an aggressive expansion plans. Jersey Mike’s has agreements in place for 300 restaurants in Canada and another 300 locations across the United Kingdom and Ireland. Cancro personally controls the master franchise rights for the UK and Ireland through an entity he owns, Forbes reported.
Cancro stepped down as CEO after Blackstone acquired a majority stake in a deal valuing Jersey Mike’s at roughly $8 billion, but he still retains significant equity in the company and continues serving on its board of directors.
Jersey Mike’s plans to trade on the New York Stock Exchange under the ticker symbol JMKE.