The Travel Food Services IPO is scheduled to open on July 7, 2025, and will remain open for subscription until July 9, 2025. This is a book-built issue amounting to approximately ₹2,000 crore, entirely comprising an Offer for Sale (OFS) of 1.82 crore equity shares. The price band for the IPO has been set between ₹1,045 to ₹1,100 per share, with a lot size of 13 shares for retail investors. The minimum investment required by retail investors stands at ₹13,585, but bidding at the cutoff price (around ₹14,300) is advised due to likely oversubscription.
For Non-Institutional Investors (NIIs), the minimum bid for sNII is 14 lots (182 shares) costing around ₹2,00,200, and for bNII, it is 70 lots (910 shares) requiring a minimum investment of about ₹10,01,000. The quota distribution for the IPO is 50% for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for High Net-worth Individuals (HNIs).
The IPO shares are expected to be listed on both BSE and NSE with a tentative listing date of July 14, 2025. Financially, the company appears robust, reporting a revenue of ₹1,762.71 crores in FY2025, up from ₹1,462.29 crores in FY2024, and a net profit of ₹379.66 crores, compared to ₹298.12 crores the previous year. Given the consistent growth in revenue and profitability, long-term investors may find this IPO attractive.
Overview of Contents
About Travel Food Services IPO
Travel Food Services Limited, started in 2007, is a well-known Indian company working in the airport food and beverage (F&B) sector. It mainly operates Travel Quick Service Restaurants (QSRs) and airport lounges. The company is present in 14 airports in India and 3 airports in Malaysia as of June 30, 2024.
The company runs a total of 397 Travel QSRs across India and Malaysia. These include a wide variety of 117 F&B brands, a mix of partner and in-house brands. Their food outlets offer different cuisines and formats, specially designed for travellers who prefer quick service, good taste, and convenience while traveling.
Along with QSRs, the company also runs premium airport lounges. These lounges are special spaces inside airports, mostly used by first and business-class passengers, airline loyalty program members, and select credit or debit card holders.
Travel Food Services has a strong presence in top Indian airports like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai. For example, they have been serving at Mumbai Airport for 15 years, Delhi for 14 years, Chennai for 11 years, and Bengaluru for 5 years, showing their long-term association with major airports.
Travel Food Services IPO Overview
| Particulars | Details |
|---|---|
| IPO Type | Book Build Issue |
| Stock Exchange Listing | BSE and NSE |
| Face Value per Share | ₹1 |
| Price Range (Per Share) | ₹1,045 to ₹1,100 |
| Issue Size | Approx ₹2,000 Crores |
| Type of Issue | 100% Offer for Sale (Approx 1.82 Crore Shares) |
| Lot Size | 13 Equity Shares |
| Minimum Investment (Retail) | ₹13,585 (Approx ₹14,300 at Cutoff) |
| Employee Discount | ₹104 Per Share |
| Expected Listing Date | July 14, 2025 (Tentative) |
| Retail Investor Quota | Up to 35% of the Net Offer |
| QIB Quota | Up to 50% of the Net Offer |
| Non-Institutional Quota (NII) | Up to 15% of the Net Offer |
| Pre-Issue Shareholding | 13,16,79,484 Shares |
Travel Food Services IPO Prospectus
| DRHP | Click here |
| RHP | Click here |
Travel Food Services IPO Dates
| Event | Date (Day) |
|---|---|
| IPO Open Date | July 7, 2025 (Monday) |
| IPO Close Date | July 9, 2025 (Wednesday) |
| Basis of Allotment | July 10, 2025 (Thursday) |
| Refund Initiation | July 11, 2025 (Friday) |
| Shares Credited to Demat | July 11, 2025 (Friday) |
| IPO Listing Date | July 14, 2025 (Monday) |
Travel Food Services IPO Lot Size
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 13 | ₹14,300 |
| Retail Maximum | 13 | 169 | ₹1,85,900 |
| S-HNI Minimum | 14 | 182 | ₹2,00,200 |
| B-HNI Minimum | 70 | 910 | ₹10,01,000 |
Travel Food Services IPO GMP
- To be Updated Soon
Travel Food Services IPO Financial Performance
| Particulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Total Assets | 1,902.73 | 1,696.44 | 1,332.32 |
| Revenue | 1,762.71 | 1,462.40 | 1,103.58 |
| EBITDA | 676.35 | 549.99 | 458.05 |
| Profit After Tax (PAT) | 379.66 | 298.12 | 251.30 |
| Net Worth | 1,048.45 | 869.05 | 651.12 |
| Reserves & Surplus | 1,040.24 | 869.74 | 651.60 |
| Total Borrowing | – | 63.78 | 31.05 |
Travel Food Services IPO Promoter Holding
The promoters of Travel Food Services Limited include SSP Group plc, SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited, Kapur Family Trust, along with Varun Kapur and Karan Kapur.
Before the IPO, the promoters hold 100% of the company’s shares. As this IPO is a pure Offer for Sale, the promoter holding will reduce post-issue, though the exact post-issue shareholding percentage is not disclosed yet.
Travel Food Services IPO Valuation Summary (FY2025)
| Metric | Value |
|---|---|
| Return on Equity (ROE) | 35.47% |
| Return on Capital Employed | 51.40% |
| EBITDA Margin | 40.07% |
| PAT Margin | 21.54% |
| Debt to Equity Ratio | – |
| Earnings Per Share (EPS) | ₹27.58 (Basic) |
| Price/Earnings Ratio (P/E) | N/A |
| Return on Net Worth (RoNW) | 34.64% |
| Net Asset Value (NAV) | ₹79.62 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Jubilant FoodWorks Limited | 3.41 | 205.81 | 10.02 | 31.87 | 5,654.09 Cr. |
| Devyani International Limited | 0.08 | 2,097.13 | 0.84 | 9.07 | 3,556.30 Cr. |
| Sapphire Foods India Limited | 0.60 | 548.00 | 1.38 | 43.53 | 2,594.28 Cr. |
| Westlife Foodworld Limited | 0.78 | 955.26 | 2.01 | 38.70 | 2,391.81 Cr. |
| Restaurant Brands Asia Limited | (4.33) | NA | (23.80) | 15.61 | 2,437.10 Cr. |
Travel Food Services IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Company Limited
- Hsbc Securities & Capital Markets Pvt Ltd
- ICICI Securities Limited
- Batlivala & Karani Securities India Private Limited
Company Address
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: [email protected]
Website: https://www.travelfoodservices.com/
Travel Food Services IPO Review
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Travel Food Services IPO FAQs
What is Travel Food Services IPO?
Travel Food Services IPO is a Mainboard IPO. The company aims to raise ₹2,000 crores through an Offer for Sale of around 1.82 crore equity shares. The shares will be listed on BSE and NSE.
What are the IPO open and close dates?
The IPO opens on July 7, 2025 (Monday) and closes on July 9, 2025 (Wednesday).
What is the Travel Food Services IPO price band?
The price band is fixed between ₹1,045 to ₹1,100 per equity share.
What is the lot size and minimum investment for retail investors?
The minimum lot size is 13 shares, and the minimum investment amount is approximately ₹13,585. It is advised to apply at the cutoff price, which totals around ₹14,300.