The IPO Buzz: Battle of the Brands

It’s a battle of the brands right out of central casting. Jersey Mike’s Subs (JMKE Proposed), the iconic sub sandwich brand, hails from the Jersey Shore. Danny Devito – born in the Jersey Shore town of Neptune – stars in Jersey Mike’s commercials.. Reformation (REF Proposed) is a sustainable fashion brand from LA. Taylor Swift loves its “girly girl” dresses.  

Together, Jersey Mike’s Subs (JMKE Proposed) and Reformation (REF Proposed)  intend to raise about $1.23 billion with their IPOs.

Bankers are set to price both deals tonight – Wednesday night, July 29, 2026 – to trade Thursday, July 30. Both are New York Stock Exchange listings.

From the Jersey Shore to London

London is likely to get its first taste of Jersey Mike’s Subs near the end of this year. That’s what Peter Cancro, the founder and chairman of the Jersey Mike’s chain, said in his founder’s letter in the prospectus. Plans for Jersey Mike’s to expand to the U.K. and Ireland call for about 300 locations. The company began its international expansion two years ago in Canada.

Cancro started working at Mike’s Subs in the Jersey Shore town of Point Pleasant when he was 14. He bought the company in 1975 when he was 17. (No “Gym. Tan. Laundry” routine in the mid-‘70s for Cancro. He went to high school in the morning and spent  afternoons working at the sub shop, according to Fortune.)

CEO Charlie Morrison joined Jersey Mike’s Subs in April 2025 – succeeding Cancro to become only the second CEO in the company’s 50-year history. Cancro retired shortly after he sold the company to Blackstone in November 2024 in a transaction that Reuters said was worth about $8 billion, including debt. Morrison previously was the CEO of Wingstop for 10 years. Wingstop (WING) went public in mid-June 2015.

Jersey Mike’s Subs (JMKE Proposed) intends to raise $1 billion in its IPO. The deal consists of 43.48 million shares at a price range of $21.00 to $25.00. The market cap would be $7.3 billion – if the IPO is priced at the $23.00 mid-point of its range. Most  of Jersey Mike’s sub shops – more than 3,000 locations – are under franchise ownership.

Morgan Stanley, Jefferies and J.P. Morgan are the global coordinators and joint book-running managers. Barclays and Guggenheim Securities are co-global coordinators and  joint book-running managers. The book-runners’ team lists another 18 investment banks. Telsey Advisory Group, known for its retail expertise, is a co-manager. Blackstone Capital Markets, a co-manager of the IPO, has a conflict of interest due to Blackstone’s control of Jersey Mike’s, according to the prospectus.

Jersey Mike’s Subs will use $295 million in IPO proceeds to repay some debt, the prospectus said.

Jersey Mike’s Subs is profitable: Net income of $55 million on revenue of $724 million for the year that ended on Dec. 31, 2025, according to the prospectus.

What Would Taylor Wear?

Reformation (REF Proposed) is an LA-based sustainable women’s clothing brand known for its vintage aesthetic. Taylor Swift wore the Reformation “Everett linen” midi dress (retail price: $298)  with pink flowers on a white background in an Instagram pic promoting her new song, “I Knew It, I Knew You” for “Toy Story 5” – according to Harper’s Bazaar.

Reformation plans to raise $225 million – 14.1 million shares at a price range of $15.00 to $17.00. The market cap would be just below $1 billion – if Reformation’s IPO is priced at its $16.00 mid-point.

J.P. Morgan and Morgan Stanley are the leading joint book-runners. Citigroup, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG and Telsey Advisory Group are also involved as joint book-runners.

The company intends to use about $125.1 million of its net proceeds from the IPO to repay some debt.

Permira, a British private equity firm, owns a stake representing 64.4 percent of Reformation’s outstanding stock before the IPO. After the IPO, Permira’s stake will be 49.2 percent, according to the prospectus. Permira took control in 2019.

Reformation, founded in 2009, is based just south of downtown LA in Vernon, California. Reformation sells its clothes, shoes and accessories online via its own website and in its retail stores – as well as through upscale retailers, including Nordstrom and Bloomingdale’s.

Hali Borenstein has served as Reformation’s CEO since June 2020. She joined the company in 2014.

About 90 percent of Reformation’s revenue comes from sales made through Direct-to-Consumer (DTC) channels. The company considers online sales and retail store sales as one collective DTC channel. About 70 percent of its sales are to existing customers.

At June 27, 2026, Reformation had 70 stores – 60 in the U.S. and 10 in international fashion centers – Toronto and Vancouver, Paris and London, the prospectus said.

Reformation’s net revenue grew from 2015 to 2025 “at a compound annual growth rate (“CAGR”) of 34 percent, reaching over half a billion dollars of net revenue and over 1 million Active Customers, all while boasting strong margins,” the prospectus said. “In 2026, our momentum has continued, with net revenue growing 30 percent during the first quarter of 2026 compared to the first quarter of 2025.”

Reformation cited its track record of sustained profitability in the prospectus:

“We have generated positive net income from 2018 to 2025, with the exception of 2020 due to the impact of the COVID-19 pandemic. In 2025, we generated $12.6 million of net income, inclusive of the impact of IEEPA tariffs.”

In the first quarter of 2026, though, Reformation incurred  a net loss of $12.15 million – a little more than twice its year-ago net loss – as its expenses surged to nearly $92 million from about $56 million in the year-ago period, according to the prospectus.

For the 12 months that ended on March 31, 2026, Reformation reported a net loss of $5.06 million on revenue of $533.31 million, according to the prospectus.

Stay tuned.

Source: https://www.iposcoop.com/the-ipo-buzz-battle-of-the-brands/