Mumbai, March 27 -- Everstone-backed Subway India has begun preparations for an initial public offering (IPO) that could raise between $100 million and $150 million, three people familiar with the matter said. The company has held banker pitches over the last few weeks and formal appointments are expected in the coming weeks, the people cited above said on condition of anonymity. "The entity doesn't need much primary capital and the public listing would largely facilitate a partial exit for its early investor Everstone although the exact contours are subject to change as the discussions are still preliminary," one of the people cited above said. The proposed listing comes at a time when India's $80-billion food services market is expanding rapidly, with the sector expected to grow at a 10-11% compound annual growth rate (CAGR) through 2030, driven by organized chains and online delivery, according to Redseer Strategy Consultants. A second person added that banker pitches have been held and formal appointments will happen over the coming weeks. A third person confirmed the details, stating that "the company is carefully assessing its listing plans on the back of the ongoing market volatility." Subway India and Everstone did not respond to Mint's requests for a comment till the time of publishing. Everstone owns a majority stake in Subway India, which also counts Norwest Venture Partners and Playbook Partners among its investors. Nearly a year ago, Mint reported that Everstone was exploring a partial stake sale in the fast-food chain's local operations as part of a $100 million private fundraising round. Those plans have since evolved, with the company now preparing for a public market listing. Everstone operates the master franchise of Subway restaurants in India through Eversub India, giving it the right to open and operate Subway restaurants in India, Sri Lanka, and Bangladesh. A master franchise refers to an agreement between the franchisor (or company owner) and an organization to manage and expand its presence within a specific area. The partial exit plans come nearly five years after the Singapore-based private equity firm invested an undisclosed sum in the food chain to facilitate expansion in India and South Asia. Subway entered India in 2000 with its first store in Saket, Delhi. The company initially operated as a franchise-owned business until Everstone acquired the master franchise in 2021....