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Subway India operator EverBrands India has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 600 crore, with no offer for sale (OFS). The company may also consider a pre-IPO placement of up to Rs 120 crore. If completed, the pre-IPO placement will reduce the size of the fresh issue. The company has proposed to list its equity shares on the BSE and NSE. EverBrands operates Subway in India through Culinary Brands India Pvt Ltd (CBIPL). It also manages Lavazza Coffee and F&H Coffee and distributes Dilmah Tea in India through Fresh and Honest Cafe Pvt Ltd. The company operates Subway stores under both company-owned, company-operated (COCO) and franchisee-owned, franchisee-operated (FOFO) formats. According to the DRHP, the company has appointed Motilal Oswal, ICICI Securities and Nuvama as book-running lead managers and MUFG as the registrar to the issue. The company plans to use Rs 125 crore of the IPO proceeds to repay its borrowings. Another Rs 326.85 crore will be used for capital expenditure towards setting up new Subway stores under the COCO format, while the remaining proceeds will be used for general corporate purposes. For FY26, revenue for EverBrands grew 34.9% year-on-year to Rs 966.17 crore from Rs 716.06 crore in FY25. Its quick service restaurant (QSR) business, which includes Subway, contributed Rs 693.09 crore during the fiscal year, while the company’s loss widened to Rs 58.19 crore from Rs 28.26 crore in FY25. EBITDA stood at Rs 98.13 crore, compared with Rs 64.21 crore in the previous fiscal. As of FY26, EverBrands had 678 COCO and 330 FOFO Subway stores in India, along with eight FOFO stores in Sri Lanka. Its Subway business accounted for nearly 72% of the company’s total operating revenue during the fiscal. EverBrands Ventures Pte Ltd is the largest shareholder of the company with a 57.78% stake on a fully diluted basis, followed by Norwest Capital LLC with 16.48%. Shivanand Shankar Mankekar HUF holds 5.83%, while Playbook India Fund II owns 4.15%. Enrich Agro Food Products and Bikramjit Singh Kandhari each hold 3.64% in the company on a fully diluted basis. Earlier this year, EverBrands raised $15 million in a funding round led by Playbook Partners. The investment reportedly involved a 5% stake in Subway India’s parent at a valuation of around Rs 2,600-2,800 crore. The IPO price band and issue dates have not been announced yet.
document fetched 2026-09-30 03:02