EverBrands India, formerly known as Culinary Brands, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to launch an initial public offering (IPO) of up to ₹600 crore.
The proposed IPO will comprise a fresh issue of shares. According to the DRHP, the proceeds will be used to invest in wholly owned subsidiary Culinary Brands India, repay or pre-pay certain borrowings, fund capital expenditure for new company-owned and company-operated Subway stores, and meet general corporate requirements.
EverBrands operates across quick-service restaurants and beverages. It holds exclusive master franchise rights for Subway in India, Sri Lanka and Bangladesh. Its beverage portfolio includes Lavazza coffee, Dilmah tea and its own Fresh & Honest coffee brand.
As of March 31, 2026, EverBrands had 1,008 Subway stores across India, comprising 678 company-owned and company-operated outlets and 330 franchise-owned and franchise-operated stores. QSR revenue rose to ₹693.09 crore in FY26 from ₹480.38 crore in FY25.
Its beverage business also expanded, with the coffee machine base reaching 9,455 units by March 2026. Revenue from the segment increased to ₹240.57 crore in FY26 from ₹206.36 crore a year earlier.
The company operates in India’s growing food services market, estimated at ₹5,613 billion in FY25 and projected to reach ₹9,088 billion by FY30, according to the cited industry report. Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers for the issue.
