Subway Parent EverBrands Files for Rs 600 Crore Initial Share Sale

EverBrands India Limited has filed its draft papers with market regulator SEBI to raise up to Rs 600 crore through an initial public offering. The company was earlier known as Culinary Brands Private Limited and runs a large food and beverages platform featuring well-known names like Subway, Lavazza, and Dilmah.

Use of Funds

The share sale consists entirely of a fresh issue of shares. The company plans to put Rs 125 crore toward paying off debts for its wholly owned subsidiary, Culinary Brands India Private Limited. Another Rs 326.85 crore will go directly into setting up new company-owned and operated Subway stores, with the rest kept for general corporate needs. Motilal Oswal Investment Advisors, ICICI Securities, and Nuvama Wealth Management are managing the share offering as lead managers.

Store Growth

The firm ran 1,008 Subway stores across India as of March 31, 2026. This total includes 678 company-operated outlets and 330 franchise stores, alongside 8 franchise locations in Sri Lanka. The company-operated store count has grown quickly from 311 outlets in fiscal year 2024 to 678 outlets by fiscal year 2026. This retail expansion helped push quick-service restaurant revenues up to Rs 693.09 crore in fiscal year 2026, compared to Rs 480.38 crore the year before.

Context

Initial public offerings allow private companies to raise large amounts of capital from public markets to fund business expansion and pay down debt. The Indian food services sector continues to attract strong investor interest due to rapid growth in organized dining and quick-service restaurant chains across the country.