EverBrands India Limited

Draft Red Herring Prospectus dated September 28, 2026

Summary

EverBrands India Limited is proposing to raise ₹600.00 crore through a fresh issue of shares. The document does not yet state the price.

About 54% of the fresh issue proceeds go to investment in CBIPL for capex to set up New Subway Stores (COCO format), and about 21% to investment in CBIPL for repayment/pre-payment of outstanding borrowings. The amount for general corporate purposes is not yet stated.

The review found 5 points to read closely and 19 worth checking.

Read closely

1. Tax demands
2. Regulatory proceedings or actions against the company or its directors
3. Physical capital expenditure rests on quotations with no orders placed
4. Licences and approvals pending, expired or not renewed
5. Supplier concentration

How the capital was built

• The last priced issue of shares was on 26 Apr 2023: 10 shares to investors at ₹2,058 each (1 allottee, none stated as linked to the promoters); it came about 3 years before this prospectus.

Conclusion

Of the 5 points to read closely, 2 concern the promoters, management and their dealings (tax demands; regulatory proceedings or actions against the company or its directors), 1 concerns how the IPO money will be spent and 2 concern the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: group entities in the same business; payments to insiders are high relative to profit; promoters have limited experience in this business. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 26, 36, 56, 116, 454, 458 and 465.