EverBrands India, the master franchisee for Subway restaurants, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹600 crore through an initial public offering. The funds will primarily support debt repayment and a significant expansion of its company-owned Subway stores across India.
₹966.17 crore
Total Revenue (FY26)
FY25: ₹716.06 crore→₹966.17 crore
⏳ Time Machine
How today’s news fits into the bigger picture
2001
Subway Enters India
Subway opened its first restaurant in India, marking its entry into the country's quick service restaurant (QSR) market, which was then in its nascent stages.
March 2024
COCO Stores at 311
EverBrands India operated **311** company-owned-company-operated (COCO) Subway stores, indicating its initial focus on directly managed outlets for quality control and market penetration.
March 2025
COCO Network Grows to 434
The company's COCO Subway store count increased to **434**, demonstrating a steady growth in its directly managed outlets and a commitment to controlled expansion.
March 2026
COCO Stores Reach 678
EverBrands significantly expanded its COCO network to **678 Subway stores**, contributing to a total of **1,008** Subway outlets in India, showcasing aggressive growth before the IPO filing.
FY26
QSR Revenue Hits ₹693 Crore
EverBrands' QSR vertical revenue rose to **₹693.09 crore**, reflecting robust sales and operational growth leading up to the IPO filing.
Today
EverBrands India, the master franchisee for Subway, filed its DRHP for a **₹600 crore** IPO to fund expansion and debt repayment.
What happens next?
The company aims to expand its COCO Subway store network using the IPO proceeds, positioning itself for further growth in India's fast-growing food services market.
EverBrands India, the company holding master franchisee rights for Subway restaurants in India, Sri Lanka, and Bangladesh, has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI for a ₹600 crore Initial Public Offering (IPO). The entire issue will be a fresh issue of equity shares, with no offer-for-sale component. The company plans to deploy ₹125 crore to repay borrowings of its subsidiary, Culinary Brands India, and a substantial ₹326.85 crore to fund the expansion of new company-owned-company-operated (COCO) Subway stores. This move comes as EverBrands recorded ₹966.17 crore in total revenue for FY26, driven by robust growth in both its QSR and beverages segments, even as it reported a loss of ₹58.19 crore.
💭 If you're wondering…
A fresh issue means the company directly sells new shares to the public, and the money raised goes into the company's accounts. This funds business operations, debt repayment, or expansion, rather than existing shareholders selling their shares.
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