Travel Food Services IPO
Bookbuilding IPO | ₹2,000.00 Cr | Listing at BSE, NSE
IPO Open
Mon, Jul 07, 2025
IPO Close
Wed, Jul 09, 2025
Price Band
₹1,045.00 to ₹1,110.00
Market Cap (Pre-IPO)
₹14,484.74 Cr
IPO Details
| IPO Date | Jul 07, 2025 to Jul 09, 2025 |
| Listing Date | Tentative: Jul 14, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹1,045.00 to ₹1,110.00 |
| Lot Size | 13 Shares (Minimum: ₹14,430.00) |
| Sale Type | Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹2,000.00 Crores |
| Total Shares Offered | 18,182,802 shares |
| Offer For Sale | 18,182,802 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 8.10x |
| NII | 1.67x |
| RII | 0.73x |
| Total | 3.03x |
Travel Food Services IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 90,72,726 (49.89%) |
| Retail Shares Offered | 63,50,909 (34.92%) |
| NII Shares Offered | 27,21,818 (14.97%) |
Travel Food Services IPO Lot Size
Investors can bid for a minimum of 13 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 13 | ₹14,300 |
| Retail (Max) | 13 | 169 | ₹185,900 |
| S-HNI (Min) | 14 | 182 | ₹200,200 |
| S-HNI (Max) | 69 | 897 | ₹986,700 |
| B-HNI (Min) | 70 | 910 | ₹1,001,000 |
Travel Food Services Financial Information (Restated Consolidated)
Travel Food Services Ltd.'s revenue increased by 21% and profit after tax (PAT) rose by 27% between the financial year ending with March 31, 2025 and March 31, 2024
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,902.73 | 1,696.44 | 1,332.32 |
| Total Income | 1,762.71 | 1,462.40 | 1,103.58 |
| Profit After Tax | 379.66 | 298.12 | 251.30 |
| EBITDA | 676.35 | 549.99 | 458.05 |
| NET Worth | 1,048.45 | 869.05 | 651.12 |
| Reserves and Surplus | 1,040.24 | 869.74 | 651.60 |
| Total Borrowing | 0.00 | 63.78 | 31.05 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 35.47% |
| ROCE (Return on Capital Employed) | 51.40% |
| Debt/Equity | 34.64 |
| RoNW (Return on Net Worth) | 21.54% |
| PAT Margin (Profit After Tax Margin) | 0.00% |
| EBITDA Margin | 40.07% |
| Price to Book Value | 13.82 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 28.83 | 28.83 |
| P/E (x) | 38.15 | 38.15 |
| Promoter Holding | 100.00% | 86.19% |
Company Promoters
- SSP Group plc
- SSP Group Holdings Limited
- SSP Financing Limited
- SSP Asia Pacific Holdings Limited and Kapur Family Trust
- and Varun Kapur and Karan Kapur are the company promoters.
Company Overview
Incorporated in 2007, Travel Food Services Limited is an Indian airport travel quick service restaurant (“Travel QSR”) and lounge (“Lounge”). The company's F&B brand portfolio, comprising 117 partner and in-house brands, is in the operation of 397 Travel QSRs across India and Malaysia, as of June 30, 2024.
Travel QSR business comprises a range of curated food and beverage (“F&B”) concepts across cuisines, brands and formats, which have been adapted to cater to customers’ demands for speed and convenience within travel environments.
Travel Food Business Limited's lounge business comprises designated areas within airport terminals, accessible primarily by first and business-class passengers, members of airline loyalty programmes, select credit card and debit card holders and members of other loyalty programmes.
The company's Travel QSR and Lounge businesses are present in 14 airports in India and three airports in Malaysia, as of June 30, 2024. Such airports include the Delhi Airport, Mumbai Airport, Bengaluru Airport, Hyderabad Airport, Kolkata Airport, and Chennai Airport.
As of June 30, 2024, Travel Food Services were present in the Delhi airport for 14 years, the Mumbai airport for 15 years, the Bengaluru airport for 5 years and the Chennai airport for 11 years.
Company Strengths
- Leading player in the Travel QSR and Lounge sectors in Indian airports.
- The diversified portfolio of partner F&B brands franchised from high-quality brand partners and in-house F&B brands.
- Deep understanding of traveller preferences with a focus on delivering a quality customer experience.
- Experienced management team, supported by our synergistic partnerships with SSP and K Hospitality.
Travel Food Services IPO Peer Comparison
Travel Food Services peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Travel Food Services Limited | 27.58 | 27.58 | 79.62 | 0.00 | 34.64 | 0.00 | - |
| Jubilant Foodworks Ltd | 3.41 | 3.41 | 31.87 | 205.81 | 10.02 | 22.61 | - |
| Devyani International Limited | 0.08 | 0.08 | 9.07 | 2,097.13 | 0.84 | 18.56 | - |
| Sapphire Foods India Limited | 0.60 | 0.60 | 43.53 | 548.00 | 1.38 | 7.63 | - |
| Westlife Foodworld Limited | 0.78 | 0.78 | 38.70 | 955.26 | 2.01 | 19.61 | - |
| Restaurant Brands Asia Limited | -4.33 | -4.33 | 15.61 | 0.00 | 23.80 | 5.47 | - |
Quick Info
| Sector | Hospitality, Food & Beverage (F&B), and Travel/Transit |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹14,484.74 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jul 07, 2025 |
| IPO Close | Jul 09, 2025 |
| Allotment Date | Jul 10, 2025 |
| Credit to Demat | Jul 11, 2025 |
| Listing Date | Tentative: Jul 14, 2025 |
Lead Manager(s)
Kotak Mahindra Capital Co.Ltd.
Registrar
Description
- Travel Food Services IPO is a book build issue of ₹2,000.00 crores. The issue is entirely an offer for sale of 1.82 crore shares of ₹2,000.00 crore.
- Travel Food Services IPO bidding started from Jul 7, 2025 and ended on Jul 9, 2025. The allotment for Travel Food Services IPO was finalized on Jul 10, 2025. The shares got listed on BSE, NSE on Jul 14, 2025.
- Travel Food Services IPO price band is set at ₹1100.00 per share . The lot size for an application is 13. The minimum amount of investment required by an retail is ₹14,300 (13 shares) (based on upper price). The lot size investment for sNII is 14 lots (182 shares), amounting to ₹2,00,200, and for bNII, it is 70 lots (910 shares), amounting to ₹10,01,000.
- The issue includes a reservation of up to 40,160 shares for employees offered at a discount of ₹104.00 to the issue price