EverBrands files for Rs 600 crore IPO, plans Rs 327 crore for Subway expansion
The operator plans to invest Rs 326.85 crore in company-owned Subway outlets in FY28 and FY29. Its India network had 1,008 locations as of March 31, 2026.
The development
EverBrands India filed on Sept. 29, 2026, for an IPO of up to Rs 600 crore ($62.5 million). It plans to use Rs 326.85 crore to open company-owned Subway outlets in FY28 and FY29; its India network had 1,008 locations as of March 31, 2026.
The numbers
- Sept. 29, 2026
- up to Rs 600 crore ($62.5 million)
- up to Rs 120 crore
- just under 58%
- 16.48%
- 4.15%
- Rs 105 crore
- Rs 2,529 crore
- Rs 326.85 crore
- FY28 and FY29
- Rs 125 crore
- about 84%
- capped at 25%
- March 31, 2026
- 1,008 Subway locations in India
- 678 company-owned
- 330 franchised
- eight outlets in Sri Lanka
- 434 company-run
- 455 franchised stores
- Rs 70 crore
- FY26
- more than 2,500 outlets
- December 2031
- 10-year extension option
- 34.9%
- Rs 966.17 crore in FY26
- Rs 716.06 crore in FY25
- Rs 98 crore
- about 10% of revenue
- Rs 29 crore
- Rs 58 crore
- Rs 28 crore
- Rs 94 crore
Why it matters to operators and investors
EverBrands is pairing its IPO filing with a plan to expand Subway through company-owned outlets, committing Rs 326.85 crore in FY28 and FY29.
What to watch next
- Changes to the Rs 326.85 crore FY28-FY29 investment plan
- Quarterly openings and closures relative to the 1,008-location network reported at March 31, 2026
- Same-store sales, store margins, rent and staffing costs as company ownership expands
- IPO subscription, pricing and any use-of-proceeds changes
- Watch for IPO approval, launch timing, pricing and the final terms governing use of proceeds.
- Look for disclosed outlet-opening targets, city priorities and the split between company-owned and franchised stores.
- Assess whether management provides store-level sales, margins, payback periods or other evidence supporting the planned investment.
The counter-case
This is a stated investment plan, not evidence that the IPO will fund the full amount or that the new outlets will earn attractive returns. The Rs 326.85 crore plan spans FY28 and FY29, so execution and payback are uncertain; rapid company-owned expansion could also add operating and capital risk.