Blackstone and Jersey Mike's Face Regulatory Issues and IPO Moves

Blackstone-backed Jersey Mike's has confidentially filed for an IPO targeting a valuation of up to $12 billion, planning to list on the New York Stock Exchange under the ticker "JMKE" with Morgan Stanley, Jefferies and JPMorgan serving as bookrunners . Blackstone acquired a majority stake in the sandwich chain in November 2024 for a reported $8 billion from founder Peter Cancro, so a listing near the reported target would mark a substantial markup in roughly 18 months. Jersey Mike's, which operates more than 3,300 locations across the US and Canada and ranks as the second-largest hoagie chain in the country, reported revenue of about $724 million in 2025, up roughly 11% from $653 million the prior year, alongside system-wide sales of about $4.2 billion .

Separately, BX faces a regulatory setback in New Mexico, where the state's Public Regulation Commission ordered Blackstone and utility parent TXNM Energy (formerly PNM Resources) to unwind a $400 million stock sale completed in June 2025 after finding the companies proceeded without the required PRC approval. Regulators fined the companies $300,000, the maximum penalty allowed under state law, and ordered them to restart Blackstone's pending bid to acquire the utility from scratch.

Together, the two developments illustrate the range of Blackstone's current portfolio activity, a marquee consumer brand nearing a lucrative public exit even as a separate infrastructure deal draws regulatory pushback. The Jersey Mike's filing also disclosed insider-heavy compensation arrangements, including roughly $50 million in pay tied to a family member and a $41 million aircraft, details that could draw scrutiny from prospective public investors during the roadshow process . Investors should watch for the confidential filing to become public, initial pricing guidance, and any further procedural steps New Mexico regulators require before Blackstone's utility acquisition can move forward again.