Subway Restaurants Operator EverBrands India Files Papers for Rs 600 Crore IPO

New Delhi: EverBrands India Ltd, which operates Subway restaurants, has filed draft papers with markets regulator Sebi to raise Rs 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 Rs 125 crore of the proceeds to repay or pre-pay borrowings of its wholly-owned subsidiary Culinary Brands India and Rs 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 33 franchise-owned-franchise-operated (FOFO) outlets.

It also had 8 FOFO stores in Sri Lanka.

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

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