EverBrands India files for a ₹600 crore IPO to fund new Subway outlets, repay debts, and expand its food platform amid rising revenue in quick service restaurants and beverages.
EverBrands India, the Subway restaurant operator, has filed draft papers with India’s markets regulator for a ₹600 crore initial public offering, marking another consumer-facing company’s move towards the public markets. According to Business Standard, the issue will be a pure fresh issue of shares, meaning the company is not planning any offer for sale by existing shareholders.
The company, formerly known as Culinary Brands, has built a wider food and beverage platform around Subway, Lavazza, Dilmah and its own Fresh & Honest label. In quick service restaurants, it holds master franchise rights for Subway across India, Sri Lanka and Bangladesh. As of March 31, 2026, EverBrands operated 1,008 Subway outlets in India, including 678 company-owned, company-operated stores and 330 franchise-owned, franchise-operated stores, along with eight franchise outlets in Sri Lanka. Business Standard reported that the group’s revenue from the quick service restaurant business rose to ₹693.09 crore in FY26 from ₹480.38 crore a year earlier and ₹355.31 crore in FY24, while its beverages arm posted revenue of ₹240.57 crore in FY26, up from ₹206.36 crore in FY25 and ₹172.16 crore in FY24.
The filing said ₹125 crore from the IPO will go towards repaying or prepaying borrowings at its wholly owned subsidiary Culinary Brands India, while ₹326.85 crore is earmarked for opening new Subway stores under the company-owned, company-operated model. The balance will be spent on general corporate purposes. Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers to the issue.
The move comes as food and consumer brands continue to test investor appetite in India’s primary market. Moneycontrol reported separately that Orkla India, the parent of MTR Foods and Eastern spices brand Eastern, has filed its red herring prospectus for an IPO that is entirely an offer for sale and is scheduled to open on October 29, underscoring the steady pipeline of consumer names seeking listings.
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