Subway restaurants operator EverBrands India files papers for ₹600 cr IPO

EverBrands India Ltd, which operates Subway restaurants, has filed draft papers with markets regulator Sebi to raise ₹600 crore through an initial public offering.

The IPO is entirely a fresh issue of equity shares, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.

Of the proceeds, the company plans to use ₹125 crore of the proceeds to repay or pre-pay borrowings of its wholly-owned subsidiary Culinary Brands India and ₹326.85 crore to fund the setting up of new Subway stores under the company-owned-company-operated (COCO) format.

Also, the remaining proceeds will be utilised for general corporate purposes.

EverBrands India, formerly known as Culinary Brands Pvt Ltd, is a multi-brand food and beverages platform comprising Subway, Lavazza, Dilmah and its own Fresh & Honest brand.

 

In the quick service restaurant (QSR) segment, the company holds master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh. 

As of March 31, 2026, EverBrands had 1,008 Subway stores in India, including 678 COCO stores and 330 franchise-owned-franchise-operated (FOFO) outlets.

It also had 8 FOFO stores in Sri Lanka.

Revenue from operations of the QSR vertical rose to ₹693.09 crore in FY26 from ₹480.38 crore in FY25 and ₹355.31 crore in FY24. Its beverages vertical reported revenue from operations of ₹240.57 crore in FY26, up from ₹206.36 crore in FY25 and ₹172.16 crore in FY24. Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers to the issue.