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EverBrands India Files ₹600 Crore Subway IPO Plan
EverBrands India wants to raise ₹600 crore by selling new shares to the public.
It runs Subway restaurants in India, Sri Lanka and Bangladesh.
The company plans to use much of the money to open more Subway stores that it owns and operates.
It will also use ₹125 crore to repay loans taken by a subsidiary.
EverBrands also sells coffee and tea through brands such as Lavazza, Dilmah and Fresh & Honest.
By March 2026, it had 1,008 Subway outlets in India.
Its company-owned Subway stores increased from 311 in March 2024 to 678 in March 2026.
The company has filed its IPO proposal with SEBI, but the article does not state that the issue has received final approval.
EverBrands India has filed a DRHP with SEBI for a ₹600 crore IPO through a fresh share issue.
The company plans to spend ₹326.85 crore on new company-owned, company-operated Subway stores.
Another ₹125 crore will repay borrowings of wholly owned subsidiary Culinary Brands India.
EverBrands’ India Subway network reached 1,008 outlets, including 678 COCO stores, by March 2026.
Its QSR revenue rose to ₹693.09 crore in FY26, while its beverages vertical reported ₹240.57 crore.
- Who
- EverBrands India Limited, the master franchisee of Subway restaurants in India, Sri Lanka and Bangladesh.
- What
- The company filed a Draft Red Herring Prospectus for a ₹600 crore initial public offering through a fresh issue of shares.
- Where
- The IPO relates to EverBrands’ operations in India, with Subway franchise operations also covering Sri Lanka and Bangladesh.
- When
- The filing was reported on September 29, 2026; the company’s outlet and financial figures include data through March 2026 and FY26.
- Why
- To fund new company-owned Subway stores, repay ₹125 crore of subsidiary borrowings and support general corporate purposes.
Key facts
- Planned IPO size
- ₹600 crore through a fresh issue of shares
- Store expansion allocation
- ₹326.85 crore for new company-owned-company-operated Subway stores
- Debt repayment allocation
- ₹125 crore for borrowings of Culinary Brands India Private Limited
- India Subway network
- 1,008 outlets by March 2026
- COCO stores
- 678 by March 2026, up from 311 in March 2024
- FY26 QSR revenue
- ₹693.09 crore, compared with ₹355.31 crore in FY24
- FY26 beverages revenue
- ₹240.57 crore from a vertical operating more than 9,455 coffee machines
Sources
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