- EverBrands India filed a DRHP with SEBI for an IPO to raise Rs 600 crore
- IPO proceeds will fund expansion of Subway COCO outlets and debt repayment
- EverBrands operates Subway QSR and beverage brands Lavazza, Dilmah, Fresh & Honest
EverBrands India Ltd, which operates a portfolio of food and beverage brands including Subway, Lavazza, Dilmah and Fresh & Honest, has submitted its draft red herring prospectus (DRHP) to SEBI, seeking to raise as much as Rs 600 crore through an initial public offering (IPO).
The IPO will consist solely of newly issued shares, with a significant part of the funds raised earmarked for expanding EverBrands India's company-owned and company-operated (COCO) Subway outlets across the country.
According to the DRHP, EverBrands plans to invest Rs 326.85 crore of the IPO proceeds towards setting up 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 proceeds will be used for general corporate purposes.
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EverBrands operates through two principal business verticals — quick service restaurants (QSR) and beverages.
In the QSR business, the company holds exclusive master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh.
As of March 31, 2026, its network comprised 1,008 Subway stores in India, including 678 COCO outlets and 330 franchise-owned-franchise-operated (FOFO) stores. It also operated eight FOFO Subway stores in Sri Lanka. The company has significantly expanded its COCO network over the past two years.
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The number of such stores in India rose from 311 as of March 31, 2024, to 434 as of March 31, 2025, before reaching 678 by March 31, 2026.
The expansion has also translated into higher revenue. EverBrands' QSR vertical generated Rs 693.09 crore in revenue from operations in FY26, up from Rs 480.38 crore in FY25 and Rs 355.31 crore in FY24.
The beverages business includes international brands Lavazza and Dilmah, for which EverBrands is the exclusive brand partner in India for coffee and tea products, respectively.
The portfolio also includes Fresh & Honest, the company's own coffee brand focused on B2B customers and vending machines. Revenue from the beverages vertical increased to Rs 240.57 crore in FY26 from Rs 206.36 crore in FY25 and Rs 172.16 crore in FY24.
The company's installed coffee machine base also expanded to 9,455 machines as of March 31, 2026, compared with 8,322 a year earlier and 7,217 in FY24.
The company said its portfolio gives it exposure to multiple consumption occasions and customer segments.
Subway provides a large-scale QSR platform, while Lavazza and Dilmah cater to the premium coffee and tea segments.
Fresh & Honest targets value-conscious Indian consumers, particularly through its B2B and vending businesses.
EverBrands also has a presence in the hospitality and food-service segment, with Dilmah products being supplied to customers including Marriott and Hyatt, among others.
The company's IPO comes against the backdrop of continued expansion in India's organised food-services industry.
According to the TKC Report cited in the DRHP, India's overall food-services market was estimated at Rs 5,61,300 crore in FY25 and is projected to reach Rs 9,08,800 crore by FY30, implying a compound annual growth rate (CAGR) of 10.1%.
The organised segment is expected to grow faster, with the report projecting a 13.5% CAGR from Rs 2,798 billion in FY25 to Rs 5,273 billion by FY30.
Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers to the issue.
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