EverBrands India Ltd, the master franchisee of Subway in India, Sri Lanka and Bangladesh, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹600 crore through an IPO, with more than half of the proposed proceeds earmarked for expanding Subway’s company-operated network.
The IPO will comprise entirely of a fresh issue of equity shares, with no offer-for-sale component. EverBrands may also consider a pre-IPO placement of up to ₹120 crore, which would reduce the size of the fresh issue if completed. The shares are proposed to be listed on the BSE and NSE.
Of the ₹600 crore, ₹326.85 crore will be used to set up 460 new Subway stores under the company-owned, company-operated (COCO) model during FY28 and FY29. Another ₹125 crore will go towards repayment or pre-payment of borrowings of wholly owned subsidiary Culinary Brands India Pvt Ltd (CBIPL), while the remaining proceeds will be used for general corporate purposes.
The proposed expansion comes as EverBrands has rapidly shifted its Subway network towards company-operated stores. As of March 31, 2026, the company operated 1,008 Subway restaurants in India, comprising 678 COCO and 330 franchise-owned, franchise-operated (FOFO) outlets, along with eight FOFO stores in Sri Lanka. Its Indian COCO network increased from 311 stores in FY24 to 434 in FY25 and 678 in FY26.
EverBrands holds the exclusive master franchise rights for Subway across India, Sri Lanka and Bangladesh. Its QSR business is centred on Subway, while its broader food and beverage platform also includes Lavazza, Dilmah and its own Fresh & Honest brand.
Subway remains the company’s largest business. EverBrands’ QSR vertical generated ₹693.09 crore in revenue from operations in FY26, up from ₹480.38 crore in FY25 and ₹355.31 crore in FY24. The beverages business contributed another ₹240.57 crore in FY26.
At the consolidated level, EverBrands’ revenue from operations rose 34.9% to ₹966.17 crore in FY26, from ₹716.06 crore in FY25. However, the company remained loss-making, with its loss widening to ₹58.19 crore from ₹28.26 crore a year earlier. EBITDA increased to ₹98.13 crore from ₹64.21 crore.
The company operates an asset-light Subway model, with its restaurants primarily held on leasehold premises and using compact formats. The growing COCO network gives EverBrands direct control over restaurant operations while its FOFO model continues to provide a franchise-partner route for expansion.
The IPO also follows fresh institutional backing for the business. Playbook Partners invested about $15 million in EverBrands earlier in 2026, reportedly acquiring around a 5% stake and valuing the company at approximately ₹2,600-2,800 crore at the time of the investment. Norwest Capital is another significant shareholder, holding 16.48% according to the DRHP disclosures reported by Moneycontrol.
EverBrands’ wider beverages business gives it exposure beyond QSR. Its coffee-machine base reached 9,455 machines as of March 31, 2026, up from 8,322 a year earlier, supporting its Lavazza and Fresh & Honest coffee operations alongside its Dilmah tea business.
The proposed IPO comes as India’s organised food-services market continues to expand. The market research cited in EverBrands’ DRHP estimates India’s overall food-services market at ₹5,613 billion in FY25, projected to reach ₹9,088 billion by FY30. The organised segment is projected to grow from ₹2,798 billion to ₹5,273 billion over the same period.
For Subway, the proposed investment marks another major phase of network expansion in India. The planned 460 COCO stores would substantially increase EverBrands’ directly operated footprint, while its existing FOFO network will continue to provide a franchise-led growth channel.
Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers for the issue, with MUFG Intime India acting as registrar. EverBrands has not yet disclosed the IPO price band or issue dates.
