EverBrands India files draft papers for Rs 600 crore IPO
EverBrands India, which operates Subway restaurants, has filed draft papers with the market regulator Securities and Exchange Board of India (SEBI) to raise up to Rs 600 crore through an initial public offering (IPO). The IPO is entirely a fresh issue of equity shares.
Of the proceeds, the company plans to use Rs 125 crore of the proceeds to repay or pre-pay borrowings of its wholly-owned subsidiary Culinary Brands India and Rs 326.85 crore to fund the setting up of new Subway stores under the company-owned-company-operated (COCO) format. Also, the remaining proceeds will be utilised for general corporate purposes. Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are the book-running lead managers to the issue.
EverBrands India, formerly known as Culinary Brands, is a multi-brand food and beverages platform comprising Subway, Lavazza, Dilmah and its own Fresh & Honest brand. In the quick service restaurant (QSR) segment, the company holds master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh.
