Travel Food Services IPO
Open MainLineCurrent GMP
₹25 (+2.27%)
Price Band
₹ 1045 – 1100
Lot Size
13
Issue Size
₹2000 Cr
Minimum Investment
₹14300 (13 Shares)
Listing Date
14 July 2025
Subscription
2.88x
About the Company
Incorporated in 2007, Travel Food Services Limited (TFS) is a leading provider of travel-centric hospitality services in India, with a focus on quick service restaurants (QSRs) and premium airport lounges. The company operates across 14 airports in India and three airports in Malaysia, offering food and beverage (F&B) solutions designed to meet the evolving needs of modern travelers.
As of June 30, 2024, TFS operated 397 Travel QSR outlets, including 340 directly managed and 57 through partnerships, spanning both India and Malaysia. This includes 30 outlets in Malaysia and 32 located along key highway routes in India. The QSR portfolio encompasses 117 in-house and franchised F&B brands, tailored to deliver speed, quality, and convenience within travel hubs.
TFS’s lounge division offers curated premium spaces within airport terminals, primarily serving first and business-class passengers, airline loyalty program members, and select credit/debit card holders. As of June 2024, the company manages 31 lounges across India, Malaysia, and recently expanded into Hong Kong.
Geographic Presence & Track Record
TFS has maintained a long-standing presence at major Indian airports, including:
- Delhi Airport – 14 years
- Mumbai Airport – 15 years
- Bengaluru Airport – 5 years
- Chennai Airport – 11 years
Other key locations include Hyderabad, Kolkata, and additional international airports.
Competitive Strengths
- Market leader in both the airport QSR and lounge segments in India
- Extensive and diversified F&B brand portfolio, combining high-quality partnerships and proprietary concepts
- Proven ability to deliver fast, reliable, and high-quality service tailored to traveler expectations
- Experienced leadership team, supported by strategic alliances with SSP Group and K Hospitality Corp
Financial Performance & Market Share
In FY24, TFS reported strong financial growth with:
- Revenue: ₹1,396.32 crore
- Net Profit: ₹298.02 crore
The company holds a 24% market share in India’s airport QSR segment and 45% in the airport lounge market, underlining its position as a dominant player in travel hospitality. Supported by major financial investors, TFS is well-positioned to benefit from rising air travel and highway traffic in India and abroad.
Promoters
- SSP Group plc
- SSP Group Holdings Limited
- SSP Financing Limited
- SSP Asia Pacific Holdings Limited
- Kapur Family Trust
- Varun Kapur
- Karan Kapur
Promoters Holding
Holding Pre Issue
100.00%
Holding Post Issue
86.19%
Objects of the Issue
The company will not receive any proceeds from the Offer and all the Offer Proceeds will be received by the Promoter Selling Shareholder.
Address / Contact Info
Travel Food Services Limited
Block-A South Wing 1st Floor,
Shiv Sagar Estate, Dr. Annie Besant Road
Worli, Mumbai, Maharashtra, 400018
Phone: +91 22 4322 4322
Email: cs@travelfoodservices.com
Website: https://www.travelfoodservices.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Monday, 07 July 2025
IPO Close Date
Wednesday, 09 July 2025
Basis of Allotment
Thursday, 10 July 2025
Initiation of Refunds
Friday, 11 July 2025
Credit of Shares to Demat
Friday, 11 July 2025
Listing Date
Monday, 14 July 2025 — NSE & BSE
Important Dates
Open Date
07 July 2025
Close Date
09 July 2025
Basis Of Allotment
10 July 2025
Listing Date
14 July 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 1902.73 | 1623.39 | 1332.32 | 1056.49 |
| Revenue | 1762.71 | 1462.29 | 1103.58 | 441.66 |
| Profit After Tax | 379.66 | 298.02 | 251.3 | 5.03 |
| Net Worth | 1048.45 | 796 | 651.12 | 406.51 |
| Reserve & Surplus | 1040.24 | 792.13 | 647.25 | 402.64 |
| Total Borrowings | 0 | 63.78 | 31.05 | 38.17 |
EPS Pre
0.00%
EPS Post
0.00%
P/E Pre
0.00
P/E (Post Issue)
0.00x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | KPI As On |
|---|---|
| ROE % | 35.47 |
| ROCE % | 51.4 |
| Debt / Equity | 0 |
| RoNW % | 34.64 |
| PbW | 0 |
| Pat Margin % | 21.54 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 9072726 | 49.89 | 0 |
| Non-Institutional | 2721819 | 14.97 | 0 |
| BNII | 1814546 | 9.98 | 0 |
| SNII | 907273 | 4.99 | 0 |
| Retail Investors | 6350909 | 34.92 | 0 |
| Employees | 40160 | 0.22 | 0 |
| Total | 18185614 | 100 | 0 |
Subscription Status ( Wed, 09 Jul 25 01:50 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 3820095 | 29398278 | 7.7x |
| Non-Institutional | 2865072 | 4536662 | 1.58x |
| BNII | 1910048 | 3328143 | 1.74x |
| SNII | 955024 | 1208519 | 1.27x |
| Retail Investors | 6685168 | 4627506 | 0.69x |
| Employees | 42507 | 73320 | 1.72x |
| Total | 13412842 | 38635766 | 2.88x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
No Peer Comparision Available
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 13 | 14,300.00 |
| Retail (Max) | 13 | 169 | 185,900.00 |
| S-HNI (Min) | 14 | 182 | 200,200.00 |
| S-HNI (Max) | 69 | 897 | 986,700.00 |
| B-HNI (Min) | 70 | 910 | 1,001,000.00 |
Registrar
MUFG Intime India Private Limited ((Link Intime)
91-22-4918 6270
ipo.helpdesk@in.mpms.mufg.com
https://in.mpms.mufg.com/home.html
Book Running Lead Managers
- Kotak Mahindra Capital Company Limited
- Hsbc Securities & Capital Markets Pvt Ltd
- ICICI Securities Limited
- Batlivala & Karani Securities India Private Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Travel Food Services IPO is a Book-building IPO worth ₹2000 crores. The price band is ₹1045 to 1100 per share. The IPO opens on Mon, Jul 7, 2025 and closes on Wed, Jul 9, 2025. It will be listed on BSE and NSE. MUFG Intime India Private Limited ((Link Intime) is the registrar.
The Travel Food Services IPO opens on Mon, Jul 7, 2025 and closes on Wed, Jul 9, 2025
Travel Food Services IPO Price Band is ₹1045 to 1100.
Travel Food Services IPO lot size is 13, and the minimum amount required for application is ₹14300.
The minimum investment for Travel Food Services IPO is approximately ₹14300 based on the upper price band.
To apply for the Travel Food Services IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Wed, Jul 9, 2025. After submission, funds are blocked until the basis of allotment of Travel Food Services IPO is finalised.
Travel Food Services IPO issue size is ₹2000 crores.
Travel Food Services IPO allotment date is Sat, Jun 27, 2026.
The registrar for Travel Food Services IPO is MUFG Intime India Private Limited ((Link Intime). Investors can go to MUFG Intime India Private Limited ((Link Intime) website for IPO allotment status, refund processing, and other queries related to Travel Food Services IPO through their official website or helpline.
The Travel Food Services IPO GMP (Grey Market Premium) is ₹25 as of Mon, Jul 14, 2025. Based on the upper price band of ₹1100 per share, the estimated Travel Food Services IPO listing price is ₹1125, indicating a potential listing gain of approximately 31% over the issue price.