Subway's Indian parent EverBrands files DRHP with SEBI to launch its IPO; check details

EverBrands India, formerly known as Culinary Brands, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The multi-brand food and beverages platform houses Subway, Lavazza, Dilmah and its owned Fresh & Honest brand, and operates across two verticals: quick service restaurants and beverages.

The IPO comprises a fresh issue of up to Rs 600 crore. According to the DRHP, the proceeds will be used for investment in its wholly owned subsidiary, Culinary Brands India Private Limited, towards repayment or pre-payment of certain outstanding borrowings, funding capital expenditure for setting up new Subway stores under the company-owned-company-operated format, and for general corporate purposes.

In its QSR vertical, EverBrands holds exclusive master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh. In the beverages vertical, it operates a full-spectrum integrated multi-brand platform spanning Lavazza coffee, Dilmah tea and Fresh & Honest coffee. EverBrands is the exclusive brand partner for Lavazza and Dilmah in India for their coffee and tea products respectively.

The company said each brand has a distinct positioning in its category. Subway was the second-largest QSR chain globally as of December 31, 2025, and the third-largest in India by store count as of March 31, 2026. Lavazza is positioned as a premium Italian coffee brand with over 130 years of heritage, while Dilmah, present in more than 100 countries, focuses on single-origin teas and serves food service customers including Marriott and Hyatt. Fresh & Honest, the company’s value-driven Indian coffee brand, serves corporate and retail consumers through its B2B business and vending machines.

As of March 31, 2026, EverBrands had 1,008 Subway stores across India, including 678 COCO stores and 330 franchise-owned-franchise-operated stores, along with eight FOFO stores in Sri Lanka. Its COCO network in India rose from 311 stores as of March 31, 2024, to 434 as of March 31, 2025, and 678 as of March 31, 2026. Revenue from operations from the QSR vertical stood at Rs 693.09 crore in FY26, compared with Rs 480.38 crore in FY25 and Rs 355.31 crore in FY24.

In the beverages business, the installed coffee machine base rose to 9,455 machines as of March 31, 2026, from 8,322 a year earlier and 7,217 as of March 31, 2024. Revenue from operations from this vertical increased to Rs 240.57 crore in FY26 from Rs 206.36 crore in FY25 and Rs 172.16 crore in FY24.

EverBrands operates in India’s food services market, which, according to the TKC Report, was estimated at Rs 5,613 billion in FY25 and is projected to reach Rs 9,088 billion by FY30. Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book running lead managers to the issue.