Food & Beverages platform Ever Brands filed its draft papers with the Securities and Exchange Board of India on Tuesday. The company proposes to raise Rs 600 crore by issuing fresh equity shares of Rs 1 each. The issue comprises no offer-for-sale component. 

Before filing its Red Herring Prospectus, Ever Brands may also consider a Pre-IPO placement of Rs 120 crore, which, if undertaken, will be deducted from the issue. Motilal Oswal Investment Advisors, ICICI Securities, and Nuvama Wealth Management are the merchant bankers to the issue, while MUFG Intime India is acting as its registrar. 

Ever Brands IPO: Utilisation of proceeds

The New-Delhi based firm aims to deploy a majority chunk of fresh proceeds worth Rs 326.8 crore towards investment in its wholly owned subsidiary, CBIPL. The raised capital will be utilised towards funding capital expenditure for setting up new Subway Stores under the company-owned-company-operated (“COCO”) format. 

Then, equity worth Rs 125 crore is proposed to be utilised for paying off the debt availed by its CBIPL subsidiary. The remaining capital is likely to be diverted towards general corporate purposes. 

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Ever Brands IPO: FY26 result

For FY26, Ever Brands incurred a net loss of Rs 58.1 crore, significantly higher than the loss of Rs 28.2 crore reported in the same period last year. Its consolidated revenue from operations was posted at Rs 966 crore, advancing 35% year-on-year against Rs 716 crore reported in FY25. 

As of the financial year ending March 30, 2026, its overall store count stood at 1,008. 

Ever Brands IPO: Key risk factors

Ever Brands derives the majority of its revenue from its quick service restaurant vertical; any disruptions in Subway’s brand reputation may significantly impact its financial performance and business operations. Possibility of disruption in the company’s Master Franchise Agreement (MFA) with Subway Global may also affect the company’s financial position. 

According to its DRHP, the food & beverage company has incurred losses over the past three fiscal years, and may continue to incur losses in the future. Additionally, risks pertaining to termination of MFA, reliance on purchases from top ten clients, disruptions in availability of raw materials, and related statutory and legal compliances need to be monitored. 

About the company

Ever Brands operates across the Food & Beverages vertical, comprising brands like Subway, Lavazza, and Dilmah. The company holds exclusive rights for Subway restaurants across India, Sri Lanka, and Bangladesh.