₹ 600 crore collected from anchor investors, issue will open on July 7, bid on fixed price band

The price band of the IPO of travel food services is Rs 1045-1100 per share and the lot size is 13 shares. The size of the IPO is Rs 2,000 crore. It will offer sales of only 1.82 crore shares from existing shareholders. Therefore, the entire money of the IPO will go to the share seller. The company will not get anything. Closing will be on 9 July. Thereafter, the allotment final will be held on July 10 and on July 14, BSE, shares are expected to be listed on NSE.

Promoters of Travel Food Services include SSP Group PLC, SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited, Kapoor Family Trust, Varun Kapoor and Karan Kapoor. The Kapoor works under the hospitality of the Family Trust Brand. The trust currently holds a 51% stake in the company. The remaining 49% stake is with SSP Asia Pacific Holdings.

Travel food services portfolio includes fast food, cafes, bakery, food courts and bars. These are mainly located at airports and some highway places. TFS travel QSR business is spread over a diverse range of curated food and beverages concepts which meets passengers’ speed and convenience needs. By June 30, 2024, the company was operating 397 Travel QSR outlets. This includes 335 outlets at 14 airports in India, 30 outlets at 30 Malaysian airports and 32 outlets at 8 highway locations in India. Of these, 340 outlets are managed directly by TFS and its subsidiaries, while 57 are operated through associates and joint enterprises.

In the lounge segment, TFS operates premium space within the airport terminals, which is accessible to first and business class passengers, members of the loyalty programs and selected credit or debit card holders. By June 30, 2024, the company was managing 31 lounges in India and Malaysia. An additional lounge was opened in Hong Kong in July 2024.

Travel food services shares are trading at Rs 92 or 8.36% premium from Rs 1,100 from the upper price band of IPO in the gray market. The gray market is an unauthorized market where a company shares are traded till its listing. In FY 2024-25, the company’s revenue increased by 21% to Rs 1,762.71 crore. A year ago it was Rs 1,462.40 crore. Net profit increased by 27% to Rs 379.66 crore in FY 2024 as compared to Rs 298.12 crore.