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EverBrands India files DRHP with SEBI for IPO to raise up to ₹600 crore
The IPO would include a fresh share sale of up to ₹600 crore, with proceeds aimed largely at funding repayment or prepayment of borrowings at its subsidiary and setting up new Subway stores under the COCO format.
EverBrands India Limited, the parent of the Subway brand in India, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering, according to LiveMint Markets.
The company, formerly known as Culinary Brands Private Limited, said it operates as a multi brand food and beverages platform with brands including Subway, Lavazza, Dilmah and Fresh & Honest.
The planned IPO comprises a fresh issue of shares aggregating up to ₹600 crore. LiveMint Markets added that the company intends to use proceeds primarily to invest in its wholly owned subsidiary, Culinary Brands India Private Limited (CBIPL), for repayment and/or prepayment of outstanding borrowings, along with capital expenditure to set up new Subway stores under the company-owned, company-operated format, and for general corporate purposes.
Of the total proceeds, ₹125 crore is proposed for repayment or prepayment of CBIPL borrowings, while ₹326.85 crore is earmarked for other uses described in the filing.