EverBrands India Ltd (formerly Culinary Brands Pvt Ltd), the master franchisee of Subway across India, Sri Lanka and Bangladesh, filed its DRHP with SEBI on September 29, 2026 — a ₹600 crore pure fresh issue, with no offer for sale.
The scale is striking: 1,008 Subway stores as of March 31, 2026 — 678 company-owned and 330 franchise-run, including 8 in Sri Lanka. The company also runs Lavazza, Dilmah and its owned brand Fresh & Honest. Proceeds go to growth: ₹326.85 crore to open 460 new company-owned Subway stores in FY28–29, and ₹125 crore to repay borrowings of subsidiary CBIPL. A ₹120 crore pre-IPO placement may follow.
The financials tell a growth-versus-profit story: FY26 revenue of ₹966 crore, up 35% YoY, but a net loss of ₹58.19 crore (versus ₹28.26 crore in FY25). BRLMs are Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management; registrar is MUFG Intime India.
For founders, the lesson is in the structure: a pure fresh issue with zero OFS signals the capital is for expansion, not exits — and the 460-store plan shows how a franchise model converts capital into footprint.
Why it matters for founders
A ₹600 crore bet that QSR still has room to grow in India. For founders: EverBrands' filing shows markets will fund a loss-making company if the growth engine is mechanical — 460 new stores is a credible use of ₹326.85 crore, and a pure fresh issue keeps every rupee working for expansion.
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