Subway India Operator EverBrands Plans Rs 600 Crore IPO

EverBrands India, the master franchise operator of Subway in India, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), setting the stage for its proposed initial public offering (IPO).

The proposed IPO will comprise entirely of a fresh issue of equity shares worth up to Rs 600 crore, with no offer for sale component. EverBrands has also indicated a possible pre-IPO placement of up to Rs 120 crore. If completed, the pre-IPO placement would reduce the size of the fresh issue accordingly. The company plans to list its shares on both the BSE and NSE.

Through its subsidiary, Culinary Brands India Pvt Ltd (CBIPL), EverBrands operates the Subway quick service restaurant (QSR) business in India. The company also has interests in the coffee and tea segments, managing Lavazza Coffee and F&H Coffee and distributing Dilmah Tea through Fresh and Honest Cafe Pvt Ltd.

The company has appointed Motilal Oswal, ICICI Securities and Nuvama as book-running lead managers for the IPO, while MUFG will serve as the registrar.

EverBrands plans to use Rs 125 crore of the IPO proceeds to repay borrowings. A further Rs 326.85 crore has been earmarked for capital expenditure related to opening new Subway outlets under the company-owned, company-operated (COCO) model. The remaining proceeds will be used for general corporate purposes.

EverBrands reported revenue of Rs 966.17 crore in FY26, up 34.9 percent from Rs 716.06 crore in FY25. Its QSR business, primarily led by Subway, contributed Rs 693.09 crore during FY26.

Despite the increase in revenue, the company reported a loss of Rs 58.19 crore in FY26, compared with a loss of Rs 28.26 crore in the previous fiscal year. EBITDA increased to Rs 98.13 crore from Rs 64.21 crore in FY25.

As of FY26, EverBrands operated 678 COCO Subway stores and 330 franchisee-owned, franchisee-operated (FOFO) outlets across India. The company also had eight FOFO Subway stores in Sri Lanka. The Subway business contributed nearly 72 percent of EverBrands' total operating revenue during the fiscal year.

EverBrands Ventures Pte Ltd remains the company’s largest shareholder, holding a 57.78 percent stake on a fully diluted basis. Norwest Capital LLC holds 16.48 percent, while Shivanand Shankar Mankekar HUF owns 5.83 percent and Playbook India Fund II holds 4.15 percent. Enrich Agro Food Products and Bikramjit Singh Kandhari each hold a 3.64 percent stake.

Earlier in 2026, EverBrands raised $15 million in a funding round led by Playbook Partners. The investment reportedly involved a 5 percent stake in the parent company of Subway India and valued the business at approximately Rs 2,600 crore to Rs 2,800 crore.

The company has not yet disclosed the IPO price band or issue dates. The proposed listing will give EverBrands access to the public markets as it plans further investment in its company-operated Subway network.