EverBrands India IPO
EverBrands India Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue only of up to ₹600 crore, with no offer for sale. In FY26 the company made a loss of ₹58.19 crore on revenue of ₹966.17 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 15 Oct 2026
- Type of issue
- Fresh issue only
- Lead manager
- Motilal Oswal Investment Advisors Limited
- Last SEBI contact
- 22 Oct 2026
- Price band and dates
- Not announced
Where it stands
EverBrands India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI15 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 15 October 2026, 22 days ago, and its last communication on the draft was on 22 October 2026 (day count is our calculation).
DRHP at a glance
EverBrands India DRHP at a glance
Draft red herring prospectus, 28 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 239) and Risk Factors (p. 20 to 25)EverBrands India, formerly Culinary Brands, is a food and beverage company that runs Subway sandwich stores in India, Sri Lanka and Bangladesh under master franchise agreements. It also has Lavazza and Dilmah cafés and its own Fresh & Honest brand.
There were 1,008 Subway stores in India on 31 March 2026, 678 run by the company and 330 by franchisees, and the restaurant (QSR) business gave 71.74% of FY26 revenue. It is backed by the Everstone group. It was incorporated in 2017; the registered office is in New Delhi and the corporate office in Mumbai.
Revenue by business, FY26
- Restaurants (QSR): 71.74%
- Other businesses (ours, the remainder): 28.26%
The offer
DRHP cover page and The Issue (p. 69)| Fresh issue | Up to ₹600 croreMoney goes to the company |
| Shares before the IPO | 8,84,83,510Face value ₹1. After convertible instruments convert (6,19,40,590 before) |
| Pre-IPO placement | Up to ₹120 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(b) |
| Lead managers | Motilal Oswal Investment Advisors Limited, ICICI Securities Limited and Nuvama Wealth Management Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Sameer Sain, Atul Kapur, EverBrands Ventures Pte. Ltd., Everstone Stratvest Pte. Ltd. and EverGroup Limited |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 115 to 116)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Investing in subsidiary CBIPL to repay its borrowings | 125.00 | 20.8% |
| Investing in subsidiary CBIPL to open new stores | 326.85 | 54.5% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹600 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts.
Financials
DRHP, Summary of Financial Information (p. 72 to 76) and Basis for Issue Price, KPIs (p. 131 to 135), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 548.85 | 716.06 | 966.17 |
| EBITDA | 43.37 | 64.21 | 98.13 |
| EBITDA margin | 7.90% | 8.97% | 10.16% |
| Profit after tax | -16.67 | -28.26 | -58.19 |
| Diluted EPS (₹) | -2.23 | -3.37 | -6.79 |
| Total equity | 614.93 | 593.27 | 679.42 |
| Cash from operations | 42.16 | 53.13 | 94.18 |
| New stores opened | 117 | 128 | 161 |
Restated consolidated figures. It made losses in all three years, and the loss grew each year. Revenue grew about 32.7% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 132 to 133). Peer prices as of 25 Sep 2026 on NSE.The P/E for EverBrands is not given until the price band is set; with a loss in FY26, there is no positive P/E.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| EverBrands India (FY26) | -6.79 | Set with the price band | -10.16% |
| Jubilant Foodworks | 5.68 | 85.31x | 19.40% |
| Devyani International | -0.31 | NA | -2.26% |
| Westlife Foodworld | 2.07 | 279.28x | 5.30% |
| Sapphire Foods India | -0.99 | NA | -2.30% |
| Restaurant Brands Asia | -3.19 | NA | -7.19% |
Risks the draft lists first
DRHP, Risk Factors (p. 20 to 25)- SubwayThe restaurant business, mainly Subway, gave 71.74% of FY26 revenue. (Risk factor 1, p. 20)
- Franchise agreementsIt runs Subway stores under master franchise agreements that limit what it can do. (Risk factor 2, p. 21)
- LossesIt has made losses and may continue to. (Risk factor 3, p. 23)
- Store targetsMissing store-opening targets under the agreements could end them. (Risk factor 4, p. 24)
- Brand standardsBreaking Subway's system standards could lead to termination. (Risk factor 5, p. 24)
- Own storesCompany-run stores may not perform as expected. (Risk factor 6, p. 25)
Documents
EverBrands India DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
EverBrands India IPO FAQs
When will the EverBrands India IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 22 days ago (our calculation).
Has SEBI approved the EverBrands India IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the EverBrands India IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the EverBrands India IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the EverBrands India IPO?
Motilal Oswal Investment Advisors Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will EverBrands India do with the IPO money?
According to the DRHP, the fresh issue money goes to investing in subsidiary CBIPL to repay its borrowings (₹125.00 crore), investing in subsidiary CBIPL to open new stores (₹326.85 crore), and the rest to general corporate purposes.
What does EverBrands India do?
EverBrands India, formerly Culinary Brands, is a food and beverage company that runs Subway sandwich stores in India, Sri Lanka and Bangladesh under master franchise agreements. It also has Lavazza and Dilmah cafés and its own Fresh & Honest brand.
Where can I read the EverBrands India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 28 September 2026 and runs to 550 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 28 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.