Subway India operator EverBrands files IPO papers with Sebi. Check details
EverBrands India, which operates Subway restaurants, is planning an IPO to raise Rs 600 crore. The funds will mainly support debt repayment and the expansion of Subway stores. As of March 2026, the company has 1,008 Subway stores across India and ...
By Akash Podishetti, ETMarkets.com | Updated:
Agencies
EverBrands India, which operates Subway restaurants in India, Sri Lanka and Bangladesh, has filed its draft red herring prospectus with Sebi for an IPO. The issue will comprise a fresh shares worth up to Rs 600 crore. The filing details shared by the company mention no offer-for-sale component.
EverBrands, formerly known as Culinary Brands, is a multi-brand food and beverage platform. Its portfolio includes Subway, Lavazza, Dilmah and its owned coffee brand Fresh & Honest. The company operates through two main verticals: quick service restaurants and beverages.
In the QSR business, EverBrands holds exclusive master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh. Subway is the second-largest QSR chain globally as of December 31, 2025, and the third-largest in India by store count as of March 31, 2026.
The company said Subway’s positioning is built around fresh, made-to-order and customisable food offerings.
In the beverage business, EverBrands runs a multi-brand platform with Lavazza coffee, Dilmah tea and Fresh & Honest coffee. It is the exclusive brand partner for Lavazza and Dilmah in India for coffee and tea products, respectively.
Lavazza is an Italian coffee brand with more than 130 years of heritage, while Dilmah has a presence in over 100 countries and focuses on single-origin teas. Fresh & Honest serves Indian coffee through the company’s B2B business and vending machines, with a 29-year operating history.
EverBrands plans to use the fresh issue proceeds mainly for debt repayment and Subway store expansion.
The company proposes to invest part of the proceeds in its wholly owned subsidiary, Culinary Brands India Private Limited. Of this, Rs 125 crore will be used for repayment or pre-payment of certain outstanding borrowings of CBIPL. Another Rs 327 crore will be used for capital expenditure to set up new Subway stores under the company-owned-company-operated format.
The remaining proceeds will be used for general corporate purposes.
As of March 2026, EverBrands had 1,008 Subway stores across India. This included 678 company-owned-company-operated stores and 330 franchise-owned-franchise-operated stores. It also had eight franchise-owned stores in Sri Lanka.
The company’s COCO store network in India has expanded sharply over the last two years. It increased from 311 stores as of March 2024, to 434 stores as of March 2025, and further to 678 stores as of March 2026.
The QSR vertical reported revenue from operations of Rs 693 crore in FY26, compared with Rs 480 crore in FY25 and Rs 355 crore in FY24. The beverages business has also grown steadily. EverBrands’ installed coffee machine base rose to 9,455 machines as of March 2026, from 8,322 machines a year earlier and 7,217 machines as of March 2024.
Revenue from the beverages vertical increased to Rs 240 crore in FY26 from Rs 206 crore in FY25 and Rs 172 crore in FY24.
The IPO comes at a time when India’s food services market is expected to see strong growth. According to the TKC Report cited by the company, India’s food services market was estimated at Rs 5.6 lakh crore in FY25 and is projected to reach Rs 9.08 lakh crore by FY30, implying a CAGR of 10.1%.
The organised food services segment is expected to grow faster, at a CAGR of 13.5%, from Rs 2.8 lakh crore in FY25 to Rs 5.27 lakh crore in FY30.
Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers to the issue.
Disclosure: This article was written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make investment decisions based on their own assessment. Brokerage disclosures here.
EverBrands, formerly known as Culinary Brands, is a multi-brand food and beverage platform. Its portfolio includes Subway, Lavazza, Dilmah and its owned coffee brand Fresh & Honest. The company operates through two main verticals: quick service restaurants and beverages.
In the QSR business, EverBrands holds exclusive master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh. Subway is the second-largest QSR chain globally as of December 31, 2025, and the third-largest in India by store count as of March 31, 2026.
The company said Subway’s positioning is built around fresh, made-to-order and customisable food offerings.
In the beverage business, EverBrands runs a multi-brand platform with Lavazza coffee, Dilmah tea and Fresh & Honest coffee. It is the exclusive brand partner for Lavazza and Dilmah in India for coffee and tea products, respectively.
Lavazza is an Italian coffee brand with more than 130 years of heritage, while Dilmah has a presence in over 100 countries and focuses on single-origin teas. Fresh & Honest serves Indian coffee through the company’s B2B business and vending machines, with a 29-year operating history.
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EverBrands plans to use the fresh issue proceeds mainly for debt repayment and Subway store expansion.
The company proposes to invest part of the proceeds in its wholly owned subsidiary, Culinary Brands India Private Limited. Of this, Rs 125 crore will be used for repayment or pre-payment of certain outstanding borrowings of CBIPL. Another Rs 327 crore will be used for capital expenditure to set up new Subway stores under the company-owned-company-operated format.
The remaining proceeds will be used for general corporate purposes.
As of March 2026, EverBrands had 1,008 Subway stores across India. This included 678 company-owned-company-operated stores and 330 franchise-owned-franchise-operated stores. It also had eight franchise-owned stores in Sri Lanka.
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The company’s COCO store network in India has expanded sharply over the last two years. It increased from 311 stores as of March 2024, to 434 stores as of March 2025, and further to 678 stores as of March 2026.
The QSR vertical reported revenue from operations of Rs 693 crore in FY26, compared with Rs 480 crore in FY25 and Rs 355 crore in FY24. The beverages business has also grown steadily. EverBrands’ installed coffee machine base rose to 9,455 machines as of March 2026, from 8,322 machines a year earlier and 7,217 machines as of March 2024.
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Revenue from the beverages vertical increased to Rs 240 crore in FY26 from Rs 206 crore in FY25 and Rs 172 crore in FY24.
The IPO comes at a time when India’s food services market is expected to see strong growth. According to the TKC Report cited by the company, India’s food services market was estimated at Rs 5.6 lakh crore in FY25 and is projected to reach Rs 9.08 lakh crore by FY30, implying a CAGR of 10.1%.
The organised food services segment is expected to grow faster, at a CAGR of 13.5%, from Rs 2.8 lakh crore in FY25 to Rs 5.27 lakh crore in FY30.
Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers to the issue.
Disclosure: This article was written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make investment decisions based on their own assessment. Brokerage disclosures here.
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