The Travel Food Services IPO is a book-built issue amounting to ₹2,000 crore, comprising a complete Offer for Sale (OFS) of 1.82 crore equity shares. This means no fresh shares will be issued, and all proceeds will go to the selling shareholders.
The subscription window for the IPO opened on July 7, 2025, and will close on July 9, 2025. The basis of allotment is expected to be finalised on July 10, 2025. The company’s shares are proposed to be listed on both the BSE and NSE, with a tentative listing date set for July 14, 2025.
The price band for the IPO is fixed between ₹1,045 and ₹1,100 per share. Retail investors can apply for a minimum of one lot, which comprises 13 shares, requiring an investment of ₹13,585. For non-institutional investors (sNII), the minimum application is 14 lots or 182 shares, equating to ₹2,00,200. For large non-institutional investors (bNII), the minimum lot size is 70 lots (910 shares), though the exact investment amount is yet to be specified.
Additionally, 40,160 shares have been reserved for eligible employees at a discount of ₹104 per share from the final issue price. Kotak Mahindra Capital Company Limited is serving as the book-running lead manager for the issue, while MUFG Intime India Private Limited (Link Intime) is acting as the registrar.
Investors are advised to refer to the Red Herring Prospectus (RHP) of Travel Food Services IPO for more comprehensive information.
Industry Outlook
- Global passenger traffic projected to grow 1.8x by CY34, reaching approximately 15.7 billion from 8.7 billion in CY23, driven by economic growth and revival in international travel. This expected increase presents long-term growth prospects for airport-based businesses.
- India expected to register 9–10% CAGR in air traffic till CY29, making it the fastest-growing passenger market among major economies. The rising footfall across Indian airports directly benefits companies like Travel Food Services that operate at these locations.
- Airport infrastructure capex estimated at ₹600–650 billion during FY25–29, supporting greenfield and brownfield airport expansions. This development is likely to create new operational opportunities for Travel Food Services in more airports across India.
Travel Food Services IPO Objectives
The company will not receive any proceeds from the offer; all proceeds will go to the Promoter Selling Shareholder after deductions. But the issuance might achieve the following purposes:
- The offer aims to sell up to ₹20,000 million worth of shares by the Promoter Selling Shareholder.
- The objective includes listing the Equity Shares to boost brand visibility and market presence.
- The listing is expected to provide liquidity and enable a public market for the shares in India.
About Travel Food Services Limited
Travel Food Services Limited is a leading player in India’s airport travel food and lounge sector. As of June 30, 2024, the company operates 397 Travel QSR outlets and 31 lounges across major Indian and Malaysian airports. These outlets offer a variety of food and beverage options across 117 partner and in-house brands.
The company holds a strong presence in 14 Indian airports, including major hubs like Delhi, Mumbai, Bengaluru, and Hyderabad, and three airports in Malaysia. Travel QSRs are also available at select highway sites, catering to passengers looking for convenience and speed.
According to CRISIL, Travel Food Services held a 24% market share in India’s airport Travel QSR sector and a 45% share in the airport Lounge segment in FY24. The company’s long-term experience and a 92% contract retention rate showcase its strong execution in high-security airport environments.
Backed by SSP Group and K Hospitality, Travel Food Services benefits from global expertise and a wide supplier network. SSP operates 2,900 outlets across 37 countries, while K Hospitality brings over 50 years of experience in India’s F&B industry.
The company has effectively tailored QSR formats and in-house brands for the travel setting, offering a seamless food experience to travellers across regions.
How To Check the Allotment Status of Travel Food Services IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Travel Food Services IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Travel Food Services IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Travel Food Services IPO
Registered office: Block-A South Wing 1stFloor, Shiv Sagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400018, Maharashtra, India
Phone: +91 22 4322 4322
E-mail: cs@travelfoodservices.com
Travel Food Services IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares Offered |
90,72,726 (49.89%) |
|
NII (HNI) Shares Offered |
27,21,819 (14.97%) |
|
Retail Shares Offered |
63,50,909 (34.92%) |
|
Employee Shares Offered |
40,160 (0.22%) |
|
Total Shares Offered |
1,81,85,614 (100.00%) |
Travel Food Services IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
13 |
₹14,300 |
|
Retail (Max) |
13 |
169 |
₹1,85,900 |
|
S-HNI (Min) |
14 |
182 |
₹2,00,200 |
|
S-HNI (Max) |
69 |
897 |
₹9,86,700 |
|
B-HNI (Min) |
70 |
910 |
₹10,01,000 |
Travel Food Services IPO Promoter Holding
The promoters of the company include 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.
|
Share Holding Pre-Issue |
100% |
|
Share Holding Post Issue |
86.19% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Travel Food Services IPO
|
KPI |
Value |
|
RoE (%) |
36.57 |
|
RoCE (%) |
49.97 |
|
RoNW (%) |
36.14 |
|
EBITDA Margin (%) |
39.38 |
|
PAT Margin (%) |
20.38 |
Travel Food Services IPO Prospectus
Travel Food Services IPO Registrar and Lead Managers
Travel Food Services IPO Lead Managers
- Kotak Mahindra Capital Company Limited
Registrar for Travel Food Services IPO
MUFG Intime India Private Limited (Link Intime)
- Contact Number: +91-22-4918 6270
- Email Address: ipo@linkintime.co.in
Travel Food Services IPO Registrar
Financial Performance of Travel Food Services Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 13,963.22 | 10,671.50 |
| Profit/ (loss) for the year (in ₹ million) | 2,980.17 | 2,512.99 |
| Earnings per Share (₹) | 21.85 | 18.52 |
| Net Worth (in ₹ million) | 7,960.00 | 6,511.22 |
| Return on Equity (%) | 36.57 | 37.79 |
| Return on Capital Employed (RoCE) (%) | 49.97 | 53.87 |
| EBITDA (in ₹ million) | 5,498.90 | 4,580.54 |
Know before investing
Strengths
8Travel Food Services held 24% Travel QSR market share in FY24.
Operated 313 out of 340 Travel QSR outlets inside airports.
Led Lounge sector with 45% market share across Indian airports.
Managed 78 partner and 39 in-house brands as of June 2024.
Present at 14 major airports including Delhi and Mumbai terminals.
Introduced innovations like Food@Gate and grab-and-go fridges.
Experienced 92% airport concession contract retention since 2009.
Operates 24 Lounges across eight key Indian airports by FY24.
Risks
8Top 5 airports contributed 85.21% revenue in Q1 FY25.
Losing key concessions may impact revenue and future growth.
Business depends on 78 franchised F&B brand partner relationships.
Lounge revenue depends on annual contracts with Lounge Partners.
Only two Lounge access partners currently serve eligible customers.
Failure to get approvals can disrupt Lounge and QSR operations.
Tough competition from HMSHost, Encalm and other QSR operators.
Limited control over associates or joint ventures may affect operations.
Travel Food Services IPO Peer Comparison
| Company | Face Value (₹) | EPS (₹) | P/E Ratio | NAV/Share (₹) |
|---|---|---|---|---|
| Travel Food Services Limited | 1.00 | 21.85 | [•] | 60.45 |
| Jubilant FoodWorks Limited | 2.00 | 6.06 | 114.69 | 32.90 |
| Devyani International Limited | 1.00 | 0.39 | 432.56 | 8.76 |
| Sapphire Foods India Limited | 2.00 | 8.21 | 213.46 | 210.41 |
| Westlife Foodworld Limited | 2.00 | 4.44 | 182.92 | 37.72 |
