EverBrands India Files for 600 Crore IPO to Expand Subway

EverBrands India Ltd, the operator of Subway restaurants in India, Sri Lanka, and Bangladesh, has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India to raise 600 crore through an initial public offering. The IPO consists entirely of a fresh issue of equity shares.

The company plans to allocate 326.85 crore to establish new Subway stores using a company-owned-company-operated format. Additionally, 125 crore will be used to repay or pre-pay borrowings of its wholly-owned subsidiary, Culinary Brands India, with the remaining funds designated for general corporate purposes.

Formerly known as Culinary Brands Pvt Ltd, the company manages a multi-brand platform that includes Subway, Lavazza, Dilmah, and its own Fresh & Honest brand. As of March 31, 2026, EverBrands operated 1,008 Subway stores in India and eight in Sri Lanka. For the 2026 fiscal year, the company reported revenue of 693.09 crore from its quick-service restaurant vertical and 240.57 crore from its beverages vertical. Motilal Oswal Investment Advisors, ICICI Securities, and Nuvama Wealth Management are serving as the book-running lead managers for the offering.