India-based Travel Food Services Limited opened its ₹2,000 crore IPO on July 5, 2025. Headquartered in Mumbai, Maharashtra, the airport and travel retail F&B operator aims to expand globally, leveraging its partnership with the UK’s SSP Group. Despite a ₹30 grey market premium, the IPO witnessed a slow start on Day 1 with only 0.07 times overall subscription.
Travel Food Services Limited, a leading operator in India’s travel food and beverage (F&B) sector, launched its ₹2,000 crore Initial Public Offering (IPO) today. The IPO, entirely an Offer for Sale (OFS), will remain open for bidding until July 9, 2025, with a price band of ₹1045 to ₹1100 per equity share.
Founded in 2009 and based in Mumbai, Travel Food Services (TFS) manages F&B outlets in airports, railway stations, and highways across India. The company operates over 300 outlets under brands such as KFC, Domino’s, and Café Coffee Day, while also promoting its own in-house labels. It is partly owned by SSP Group, a UK-based travel food operator with a global footprint.
On Day 1, the IPO witnessed modest interest. As of 1:06 PM, overall subscription reached 0.07 times, with retail booked at 0.09 times, NII at 0.04 times, and QIBs at 0.07 times. Despite the slow start, grey market activity indicated some optimism, with the grey market premium (GMP) reported at ₹30, suggesting a potential listing around ₹1130.
IPO Highlights:
- IPO Dates: July 5 to July 9, 2025
- Price Band: ₹1045 to ₹1100 per share
- Issue Size: ₹2,000 crore (entirely OFS)
- Lot Size: 13 shares per lot
- Expected Listing: July 14, 2025
- Registrar: MUFG Intime India Pvt Ltd (Link Intime)
- Lead Managers:
IPO Review and Outlook:
Brokerages such as Ventura Securities and BP Equities have rated the IPO as ‘Subscribe’. Ventura highlighted TFS’s robust financials, citing 20.9% YoY revenue growth, 34% EBITDA growth, and a 27.3% PAT increase from FY24 to FY25. The company operates debt-free and is expanding into Malaysia, Hong Kong, Asia-Pacific, and the Middle East.
BP Equities valued the issue at a P/E of 39.9x based on FY25 earnings, stating it’s lower than comparable listed QSR peers, making it attractive for long-term investors.
