IPO · Commerce & Consumer Brands
Subway India operator EverBrands files for IPO
By Startup Enthusiast ·
- Date
- Company
- EverBrands India
- What it does
- Runs Subway restaurants in India
- Kind
- IPO
- Amount
- ₹600 Cr
- Stage
- DRHP
- Based in
- New Delhi
- Founded
- 2017
What they do
EverBrands India runs Subway sandwich stores in India and also handles Lavazza coffee and Dilmah tea here
What happened
It filed draft papers for a ₹600 crore IPO made up only of new shares, with a possible ₹120 crore pre-IPO placement
Why it matters
FY26 revenue rose about 35% to ₹966 crore; ₹327 crore would fund new company-run Subway stores
The details
- EverBrands India filed its draft IPO papers with SEBI on 29 September 2026.
- The IPO is a fresh issue of up to ₹600 crore, with no shares sold by existing holders.
- A pre-IPO placement of up to ₹120 crore may reduce the issue size.
- Motilal Oswal, ICICI Securities and Nuvama are managing the issue.
- The shares are to list on the BSE and NSE.
The bigger picture
- About ₹326.85 crore will pay for new Subway stores the company owns and runs.
- ₹125 crore will repay borrowings.
- FY26 revenue grew 34.9% to ₹966.17 crore, though reports say losses widened.
About the business
- EverBrands is a multi-brand food and drink company that runs Subway sandwich restaurants in India as the master franchisee (the firm holding the rights for the whole country).
- It also sells coffee and tea through Lavazza, its own Fresh & Honest coffee brand and Dilmah tea, which it distributes.
- Customers are everyday diners at its restaurants and offices, cafes and businesses that buy coffee and tea.
- It makes money from sales at company-run stores (678 of 1,008 Subway stores in March 2026), franchise-run stores and beverage supply.
- Revenue was about ₹966 crore in FY26, up roughly 35% from the year before.
- It is based in New Delhi, backed by the Everstone Group, and sells in 165+ cities.
What happens next
- SEBI will review the papers before the IPO can open.
The deal
- Type
- ipo
Founders
- Promoted by the Everstone Group, whose co-founders are Sameer Sain (CEO) and Atul Kapur (CIO); Tarun Bhasin leads the Subway India business as CEO.
About EverBrands India
- Product
- Quick service restaurant (Subway), premium coffee (Lavazza), specialty coffee (F&H Coffee) and tea distribution (Dilmah)
- Customers
- Urban consumers seeking quick dining, premium coffee and specialty beverages
- How it makes money
- Multi-brand franchise and retail platform operating across QSR and café formats
- What sets it apart
- Portfolio of established global brands with proven unit economics and rapid store expansion capability
- Operations
- 1,000+ Subway outlets with expansion adding 2 outlets per week on average
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