EverBrands India Ltd, which operates food and beverage brands including Subway, Lavazza, Dilmah and Fresh & Honest, has filed its draft red herring prospectus (DRHP) with SEBI to raise up to Rs 600 crore through an initial public offering. The proposed issue will consist entirely of fresh shares, with a substantial portion of the proceeds planned for the expansion of the company's company-owned and company-operated (COCO) Subway outlets in India.
According to the DRHP, EverBrands plans to allocate Rs 326.85 crore from the IPO proceeds towards establishing new Subway COCO stores. Another Rs 125 crore has been earmarked for the repayment or pre-payment of borrowings of its wholly owned subsidiary, Culinary Brands India Pvt Ltd (CBIPL). The remaining funds from the issue are proposed to be used for general corporate purposes.
EverBrands operates across two main business verticals, namely quick service restaurants (QSR) and beverages. Through its QSR business, the company holds exclusive master franchisee rights for Subway restaurants in India, Sri Lanka and Bangladesh. As of March 31, 2026, its Indian network comprised 1,008 Subway stores, including 678 COCO outlets and 330 franchise-owned-franchise-operated (FOFO) stores, while eight FOFO Subway stores were operating in Sri Lanka.
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The company has significantly increased its COCO Subway network in India over the past two years. The number of such outlets rose from 311 as of March 31, 2024, to 434 as of March 31, 2025, before reaching 678 by March 31, 2026. The expansion was accompanied by growth in QSR revenue, which increased to Rs 693.09 crore in FY26 from Rs 480.38 crore in FY25 and Rs 355.31 crore in FY24.
Its beverages business includes international brands Lavazza and Dilmah, for which EverBrands is the exclusive brand partner in India for coffee and tea products. The company also operates Fresh & Honest, its own coffee brand focused on B2B customers and vending machines. Revenue from the beverages vertical rose to Rs 240.57 crore in FY26 from Rs 206.36 crore in FY25 and Rs 172.16 crore in FY24, while its installed coffee machine base reached 9,455 as of March 31, 2026.
The company said its brand portfolio provides exposure to different consumption occasions and customer segments, with Subway serving the QSR market, Lavazza and Dilmah positioned in premium coffee and tea, and Fresh & Honest targeting value-conscious consumers through B2B and vending operations. EverBrands also supplies Dilmah products to hospitality customers including Marriott and Hyatt. The IPO comes as India's organised food-services market continues to expand, with the TKC Report cited in the DRHP projecting the organised segment to grow at a 13.5 per cent CAGR between FY25 and FY30. Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers for the issue.
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