IPO Details

Bidding Dates

03 Jul '25 - 07 Jul '25

Minimum Investment

To be announced

Price Range

₹[.]-₹[.]

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

₹2,000.00 Cr [Approx.]

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Travel Food Services IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Jul 03, 25

IPO Closing Date

Jul 07, 25

Basis of Allotment

Jul 08, 25

Initiation of Refunds

Jul 09, 25

IPO Listing Date

Jul 10, 25

About Travel Food Services IPO

Travel Food Services IPO is set to open for subscription on July 3, 2025. This Mainboard IPO aims to raise ₹2,000 crore through a book-building process. The entire issue consists of an Offer for Sale. While the exact price band and lot size are yet to be announced, the company is expected to attract investor interest due to its established presence in the airport food and lounge sector.

Founded in 2007, Travel Food Services Limited operates across two major segments: Travel QSR (Quick Service Restaurants) and Lounges. The company currently runs 397 Travel QSRs across India and Malaysia, representing a mix of 117 partner and in-house brands. The lounge business offers premium facilities for first and business class travellers, airline loyalty programme members, and select cardholders.

As of June 30, 2024, Travel Food Services operates in 14 Indian airports including Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai, as well as 3 airports in Malaysia.

Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani are the lead managers for this IPO, with MUFG Intime India Private Limited serving as the registrar.

Industry Outlook

  1. 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.
  2. 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.
  3. 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:

  1. The offer aims to sell up to ₹20,000 million worth of shares by the Promoter Selling Shareholder.
  2. The objective includes listing the Equity Shares to boost brand visibility and market presence.
  3. 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:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. 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?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Travel Food Services IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. 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

Not more than 50% of the Net Offer

Retail Shares

Not less than 35% of the Net Offer

NII Shares

Not less than 15% of the Net Offer

Travel Food Services IPO Lot Size

Travel Food Services IPO, the exact lot size, the number of shares in each lot, and the minimum investment amount have not yet been officially announced. These details will be provided closer to the IPO opening date and will help investors know how much they need to invest at a minimum to participate in the IPO.

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

-

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
  • HSBC Securities & Capital Markets Private Limited
  • ICICI Securities Limited
  • Batlivala & Karani Securities India Private Limited

Registrar for Travel Food Services IPO

MUFG Intime India Private Limited (Link Intime)

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 Year ending on March 31, 2022
Revenue from Operation (in ₹ million) 13,963.22 10,671.50 3,896.09
Profit/ (loss) for the year (in ₹ million) 2,980.17 2,512.99 50.30
Earnings per Share (₹) 21.85 18.52 0.38
Net Worth (in ₹ million) 7,960.00 6,511.22 4,065.11
Return on Equity (%) 36.57 37.79 1.21
Return on Capital Employed (RoCE) (%) 49.97 53.87 13.52
EBITDA (in ₹ million) 5,498.90 4,580.54 1,402.74

Know before investing

Strengths

5
  1. Travel Food Services held 24% Travel QSR market share in FY24.

  2. Operated 313 out of 340 Travel QSR outlets inside airports.

  3. Led Lounge sector with 45% market share across Indian airports.

  4. Managed 78 partner and 39 in-house brands as of June 2024.

  5. Present at 14 major airports including Delhi and Mumbai terminals.

Risks

5
  1. Top 5 airports contributed 85.21% revenue in Q1 FY25.

  2. Losing key concessions may impact revenue and future growth.

  3. Business depends on 78 franchised F&B brand partner relationships.

  4. Lounge revenue depends on annual contracts with Lounge Partners.

  5. Only two Lounge access partners currently serve eligible customers.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

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

Travel Food Services IPO FAQs

What is the Travel Food Services IPO?

Travel Food Services IPO is a book-built issue IPO. It runs from July 3, 2025, to July 7, 2025.

When will the Travel Food Services IPO be allotted?

The Basis of Allotment will happen on Tuesday, July 8, 2025.

When will the Travel Food Services IPO open for subscription?

The IPO subscription window will open on July 3, 2025.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, however the lot size is yet to be announced.

When will the Travel Food Services IPO list on exchanges?

The listing date for Travel Food Services IPO is Thursday, July 10, 2025.

What is the issue size of the Travel Food Services IPO?

The issue size of the Travel Food Services IPO is approx ₹2,000.00 crore.

What are the open and close dates of the Travel Food Services IPO?

The open and close dates for Travel Food Services IPO are from July 3, 2025, to July 7, 2025.

What would be the listing gains on the Travel Food Services IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

When will I know if my Travel Food Services IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Travel Food Services IPO?

MUFG Intime India Private Limited (Link Intime) is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Travel Food Services IPO getting listed?

The Travel Food Services IPO is proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).