Subway India Operator EverBrands Files DRHP to Raise INR 600 Cr

EverBrands India, which operates Subway in India, has filed its draft red herring prospectus with SEBI for an IPO comprising a fresh issue of equity shares worth up to INR 600 crore, with no offer-for-sale component. The company may also consider a pre-IPO placement of up to INR 120 crore; if completed, this would reduce the size of the fresh issue.

The company plans to list its equity shares on the BSE and NSE with Motilal Oswal, ICICI Securities and Nuvama appointed as book-running lead managers and MUFG as registrar to the issue. The IPO price band and issue dates have not yet been announced.

EverBrands operates Subway in India through Culinary Brands India Pvt Ltd (CBIPL), and separately manages Lavazza Coffee and F&H Coffee while distributing Dilmah Tea in India through Fresh and Honest Cafe Pvt Ltd. It runs Subway stores under both company-owned, company-operated (COCO) and franchisee-owned, franchisee-operated (FOFO) formats, with 678 COCO and 330 FOFO stores in India, along with eight FOFO stores in Sri Lanka as of FY26.

Per the DRHP, the company plans to use INR 125 crore of IPO proceeds to repay borrowings and INR 326.85 crore for capital expenditure toward setting up new COCO-format Subway stores, with the remaining proceeds earmarked for general corporate purposes.

For FY26, EverBrands’ revenue grew 34.9% year-on-year to INR 966.17 crore, up from INR 716.06 crore in FY25. Its quick service restaurant (QSR) business, which includes Subway, contributed INR 693.09 crore during the fiscal year, accounting for nearly 72% of total operating revenue. However, the company’s loss widened to INR 58.19 crore from INR 28.26 crore in FY25, even as EBITDA improved to INR 98.13 crore from INR 64.21 crore in the previous year.

On shareholding, EverBrands Ventures Pte Ltd holds the largest stake at 57.78% on a fully diluted basis, followed by Norwest Capital LLC at 16.48%, Shivanand Shankar Mankekar HUF at 5.83% and Playbook India Fund II at 4.15%. Enrich Agro Food Products and Bikramjit Singh Kandhari each hold 3.64%. Earlier this year, EverBrands raised $15 million in a funding round led by Playbook Partners, reportedly involving a 5% stake in Subway India’s parent at a valuation of around INR 2,600-2,800 crore.