The offering includes shares from both the company and existing stockholders. Underwriters have been granted a 30-day option to purchase an additional 6,521,739 shares to cover potential over-allotments. A massive syndicate of financial institutions is managing the process, led by global coordinators Morgan Stanley, Jefferies, and J.P. Morgan, alongside Barclays and Guggenheim Securities.

Founded in 1956 as a single storefront in Point Pleasant, New Jersey, the brand has expanded into a powerhouse with over 3,300 locations across the U.S. and Canada. The company, which recently earned recognition as the top sandwich chain in America for 2025, has filed its registration statement with the Securities and Exchange Commission. Trading will not commence until the registration statement becomes effective.