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18 That's the number of U.S. IPOs of restaurants since 2017, including Sweetgreen, Cava Group and Krispy Kreme, according to Dealogic. Cava’s shares have at times outperformed the S&P 500 since its offering, while those of Sweetgreen and Krispy Kreme have declined.
The sandwich chain is going public on Thursday. It will test the appetite of investors after blockbuster debuts like Elon Musk’s SpaceX.
Private equity backer Blackstone is betting on the sandwich chain, but high-profile listings have delivered mixed results for everyday investors this year.
Jersey Mike's profits shot up last year, though the sandwich chain said that sales growth has been mixed in recent months as it gears up for a potential public offering this year. The New Jersey-based sub sandwich maker said Thursday in its initial registration filing that net income jumped to $55 million in its 2025 fiscal year, up from $5 million the year before, due to more royalties and lower founder-related discretionary expenses. New marketing and a chicken salad offering have helped in June, the chain said.
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