Jersey Mike’s IPO valuation could reach eight times Sweetgreen’s market cap

Jersey Mike’s is heading to the public markets with a valuation that far outstrips recent restaurant IPOs, setting up a key test of investor appetite for high-growth franchise chains.

The New Jersey-based sandwich chain announced Monday that it has begun its IPO roadshow. The company plans to offer 43.5 million Class A shares at an expected price of $21 to $25 per share, raising approximately $913 million to $1.1 billion from newly issued and existing shares.

According to its amended IPO filing, Jersey Mike’s would have an implied equity value of about $7.3 billion at the midpoint of the range and roughly $7.9 billion at the high end. The company plans to list on the New York Stock Exchange under the ticker symbol........

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