Athira Sethu
Kochi, 30 September 2026
EverBrands India Ltd, which runs the Subway chain in India, has filed papers with SEBI to raise ₹600 crore through an Initial Public Offering (IPO).
The IPO will comprise purely of fresh equity issues. It implies that funds raised through the IPO would come directly to the company.
EverBrands intends to invest most of the funds towards its diverse business requirements. ₹125 crore will be allocated towards repayment or settlement of debts incurred by its wholly owned subsidiary, Culinary Brands India.
₹326.85 crore will be invested for the purpose of setting up of new Subway restaurants all over India. The majority of these restaurants would be based on the COCO model. In the COCO model, the company owns and runs these restaurants.
The balance funds raised through the IPO would be utilized for general corporate purposes.
EverBrands India was previously called Culinary Brands Pvt Ltd. It is a food and beverages corporation that has many brands. Its brands include Subway, Lavazza, Dilmah, and its in-house brand Fresh & Honest.
It has the master franchise agreement for operating Subway in India, Sri Lanka, and Bangladesh. It has the right to run and operate the Subway chain in these regions.
As of March 31, 2026, EverBrands operated 1,008 Subway outlets in India. Among these, 678 are owned and operated by the company while 330 are owned and operated by the franchisees. EverBrands also operates 8 Subway outlets in Sri Lanka which are owned by its franchisees.
The growth of the company’s Subway and other quick-service restaurants is rapid in recent times. QSR revenue has been recorded at ₹693.09 crore in FY26 against ₹480.38 crore in FY25 and ₹355.31 crore in FY24.
This is also true for its beverages business, which saw revenues grow from ₹172.16 crore in FY24 to ₹206.36 crore in FY25 and ₹240.57 crore in FY26.
Motilal Oswal Investment Advisors, ICICI Securities, and Nuvama Wealth Management are the book-running lead managers for the IPO.
An IPO will help EverBrands raise capital in order to reduce debt and also grow its Subway restaurant chain in India.
