EverBrands India IPO: Subway Operator Files ₹600 Crore IPO Papers With SEBI
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Subway India operator EverBrands India has filed DRHP papers with SEBI for a ₹600 crore IPO. The company plans to use ₹452 crore of the proceeds for debt repayment and expansion of its company-owned Subway store network.
EverBrands India, which operates Subway restaurants in India, Sri Lanka and Bangladesh, has filed draft red herring prospectus (DRHP) papers with the Securities and Exchange Board of India (SEBI) for a ₹600 crore initial public offering (IPO).
The proposed issue will comprise entirely of a fresh issue of shares, with no offer-for-sale (OFS) component, according to the company's filing.
IPO Details And Use Of Funds
EverBrands India plans to use ₹125 crore from the IPO proceeds to repay or pre-pay certain borrowings of its wholly owned subsidiary, Culinary Brands India. Another ₹327 crore will be used for capital expenditure to set up new Subway stores under the company-owned and company-operated (COCO) model. The remaining amount will be used for general corporate purposes.
The company will invest part of the IPO proceeds in Culinary Brands India for the debt repayment and store expansion.
Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers to the issue.
EverBrands Subway Business
EverBrands India, formerly known as Culinary Brands, is a multi-brand food and beverage company with businesses across quick-service restaurants and beverages.
The company holds exclusive master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh. As of March 2026, EverBrands had 1,008 Subway stores in India, comprising 678 company-owned and company-operated stores and 330 franchise-owned and franchise-operated outlets. It also had eight franchise-owned Subway stores in Sri Lanka.
The company's COCO Subway network in India increased from 311 stores in March 2024 to 434 stores in March 2025 and 678 stores in March 2026.
Apart from Subway, EverBrands' portfolio includes Lavazza coffee, Dilmah tea and its own Fresh & Honest coffee brand.
The company's QSR business reported revenue from operations of ₹693 crore in FY26, compared with ₹480 crore in FY25 and ₹355 crore in FY24. Revenue from its beverages business increased to ₹240 crore in FY26 from ₹206 crore in FY25 and ₹172 crore in FY24.
EverBrands' installed coffee machine base also increased to 9,455 machines as of March 2026 from 8,322 machines a year earlier and 7,217 machines in March 2024.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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