Travel Food Services IPO
GMP, Subscription, Price, Dates & Financial Details
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…
Open Date
Mon, 07 Jul 2025
Close Date
Wed, 09 Jul 2025
Price Band
₹ 1045 – 1100
Lot Size
13
Issue Size
₹ 2,000.00 Cr
Minimum Investment
₹ 14,300 (13 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Travel Food Services IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹2,000.00 Crore and an offer for sale (OFS) of 1.82 Crore equity shares aggregating to ₹2,000.00 Crore by the existing shareholders.
The Travel Food Services IPO remained open for subscription from July 07, 2025, to July 09, 2025. The basis of allotment was finalized on July 10, 2025, and the company's shares were listed on the NSE and BSE on July 14, 2025.
The company had fixed the price band at ₹1045 to ₹1100 per share, with a lot size of 13 shares. Retail investors were required to make a minimum investment of ₹14,300 (based on the upper price band) to apply for one lot.
The IPO also included a reservation of 40,160 equity shares for eligible employees, who received a discount of ₹104 per share.
MUFG Intime India Private Limited served as the registrar to the issue. Kotak Mahindra Capital Company Limited, Hsbc Securities & Capital Markets Pvt Ltd, ICICI Securities Limited, and Batlivala & Karani Securities India Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Travel Food Services Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Travel Food Services IPO Timeline (Tentative)
- IPO Open Date
- Mon, 07 Jul 25
- IPO Close Date
- Wed, 09 Jul 25
- Basis of Allotment
- Thu, 10 Jul 25
- Initiation of Refunds
- Fri, 11 Jul 25
- Credit of Shares to Demat
- Fri, 11 Jul 25
- Listing Date
- Mon, 14 Jul 25 — NSE & BSE
Open Date
07 July 2025
Close Date
09 July 2025
Basis Of Allotment
10 July 2025
Listing Date
14 July 2025
IPO Subscription
Check Live Subscription →The Travel Food Services IPO has received bids for 3,86,35,766 shares against 1,34,12,842 shares offered, resulting in an overall subscription of 2.88x. the NII category is subscribed 1.58x, Retail Investors 0.69x, Employees 1.72x, and QIBs 7.7x. Within the NII category, BNII is subscribed 1.74x, while SNII is subscribed 1.27x.
QIB
7.7x
NII
1.58x
BNII
1.74x
SNII
1.27x
RII
0.69x
EMP
1.72x
Total
2.88x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 63,50,909 shares, representing 34.92% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 90,72,726 shares (49.89%), while Non-Institutional Investors (NIIs) receive 27,21,819 shares (14.97%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 9,072,726 | 49.89% |
| Non-Institutional | 2,721,819 | 14.97% |
| BNII | 1,814,546 | 9.98% |
| SNII | 907,273 | 4.99% |
| Retail Investors | 6,350,909 | 34.92% |
| Employees | 40,160 | 0.22% |
| Total | 18,185,614 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Travel Food Services Limited KPI Information
| Particular | KPI As On |
|---|---|
| ROE % | 35.47 |
| ROCE % | 51.4 |
| RoNW % | 34.64 |
| Pat Margin % | 21.54 |
Peers Comparison
No Peer Comparision Available
About Travel Food Services Limited
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.
Travel Food Services IPO 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%
Travel Food Services IPO Objective
The company will not receive any proceeds from the Offer and all the Offer Proceeds will be received by the Promoter Selling Shareholder.
Travel Food Services Limited Address / Contact Details
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
Travel Food Services IPO Lot Size
The Travel Food Services IPO has a lot size of 13 shares. Retail investors require a minimum investment of ₹14,300 by applying for 1 lot (13 shares). The maximum application allowed for the retail category is 13 lots (169 shares), requiring an investment of ₹1,85,900.
| 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 |
Issue Reservation
- QIB — 49.89%
- NII — 14.97%
- RII — 34.92%
- EMP — 0.22%
Book Running Lead Managers
- Kotak Mahindra Capital Company Limited
- Hsbc Securities & Capital Markets Pvt Ltd
- ICICI Securities Limited
- Batlivala & Karani Securities India Private Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Travel Food Services IPO?
Travel Food Services IPO is a Book-building IPO with a total issue size of ₹2000 crore. The Travel Food Services IPO price band is ₹1045 to 1100 per share. The Travel Food Services IPO subscription opens on Mon, Jul 7, 2025, and closes on Wed, Jul 9, 2025. The Travel Food Services IPO will be listed on the BSE,NSE. MUFG Intime India Private Limited is the registrar for the Travel Food Services IPO.
When will the Travel Food Services IPO open for subscription?
The Travel Food Services IPO opens on Mon, Jul 7, 2025 and closes on Wed, Jul 9, 2025
What is Travel Food Services IPO Price Band?
Travel Food Services IPO Price Band is ₹1045 to 1100 per share.
What is Travel Food Services IPO Lot Size?
Travel Food Services IPO lot size is 13 shares, Retail investors need a minimum investment of ₹14300 based on the upper price band
What is the minimum investment for Travel Food Services IPO?
The minimum investment for Travel Food Services IPO is ₹14300, based on one lot of 13 shares at the upper price band of ₹1100 per share.
How to apply for Travel Food Services IPO?
Investors can apply for the Travel Food Services IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Wed, Jul 9, 2025. The application amount remains blocked until the Travel Food Services IPO allotment is finalized.
What is Travel Food Services IPO Issue Size?
Travel Food Services IPO issue size is ₹2000 crores.
What is the Travel Food Services IPO Allotment Date?
Travel Food Services IPO allotment date is Thu, Jul 10, 2025.
Who is the Travel Food Services IPO Registrar?
The registrar for Travel Food Services IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check Travel Food Services IPO allotment status, refund processing, and other IPO-related information.
What is the Travel Food Services IPO GMP?
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 2.27% over the issue price.
Who is the Travel Food Services IPO Lead Manager?
The book-running lead managers (BRLMs) for the Travel Food Services IPO are Kotak Mahindra Capital Company Limited, Hsbc Securities & Capital Markets Pvt Ltd, ICICI Securities Limited, and Batlivala & Karani Securities India Private Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Travel Food Services IPO Red Herring Prospectus (RHP).