Subway India Operator EverBrands Files DRHP for ₹600 Crore IPO
EverBrands India, the master franchisee of Subway in India, Sri Lanka and Bangladesh, has filed its Draft Red Herring Prospectus with SEBI to raise up to ₹600 crore through a fresh issue of shares.
The company plans to deploy ₹326.85 crore of the proceeds to open new company-owned, company-operated Subway outlets, while ₹125 crore will go towards repaying debt of its subsidiary Culinary Brands India.
As of March 2026, EverBrands operated 1,008 Subway stores in India, with its company-operated network more than doubling from 311 stores in FY24 to 678 in FY26.
EverBrands India Files DRHP with SEBI
EverBrands India, the Norwest Capital-backed master franchisee of Subway across India, Sri Lanka and Bangladesh, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a fresh issue of shares worth up to ₹600 crore. The public issue comprises entirely a fresh issue, with no offer-for-sale component, and the company may consider a pre-IPO placement of up to ₹120 crore.
Use of Proceeds
| Purpose | Amount |
|---|---|
| New company-owned, company-operated Subway stores | ₹326.85 crore |
| Repayment of Culinary Brands India borrowings | ₹125 crore |
| General corporate purposes | Balance |
Network Expansion
EverBrands operates a food and beverage platform spanning Subway, Lavazza, Dilmah and its own Fresh & Honest brand. As of March 31, 2026, the company operated 1,008 Subway stores in India — 678 company-owned and 330 franchisee-owned. The company-operated network has more than doubled from 311 stores in FY24, with 151 COCO stores opened during FY26 alone.
Financial Performance
Revenue from operations rose 34.93% to ₹966.17 crore in FY26 from ₹716.06 crore in FY25, driven by the aggressive store expansion programme, though losses widened during the period.
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