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Travel Food Services Sets IPO Price Band at ₹1,045–₹1,100; Issue Opens on July 7

Bilkul Online

BILKULONLINE

Ahmedabad, July 3, 2025: Travel Food Services Limited (TFS), a leading operator in India’s airport food and lounge segments, is all set to launch its much-anticipated Initial Public Offering (IPO) on Monday, July 7, 2025, with the issue closing on Wednesday, July 9, 2025. The company has announced a price band of ₹1,045–₹1,100 per equity share of face value ₹1 each.

The IPO is purely an Offer for Sale (OFS) aggregating up to ₹2,000 crore by the Kapur Family Trust. To encourage employee participation, a discount of ₹104 per share is being extended to eligible staff applying under the reserved quota. Investors can bid for a minimum of 13 equity shares, and in multiples thereafter.

TFS has established a dominant presence in India’s Travel Quick Service Restaurant (Travel QSR) and airport lounge segments, operating across 14 airports in India and with international footprints in Malaysia and Hong Kong. The company also runs Travel QSRs along nine highways in India, enhancing its on-the-go dining offerings.

“With our strong brand partnerships and innovative in-house concepts, we aim to redefine the airport and highway dining experience,” said Varun Kapoor, Managing Director & Chief Executive Officer of Travel Food Services Ltd. “This IPO is a strategic move to unlock value and allow the broader investor community to join us on our growth journey.”

As of March 31, 2025, TFS operated a portfolio of 127 in-house and partner brands, with a 26% revenue market share in the Indian airport Travel QSR space and a commanding 45% share in the airport lounge segment, as per a CRISIL report.

The company’s financial performance reflects robust growth, with revenue from operations rising by 20.87% to ₹1,687.74 crore in FY25, up from ₹1,396.32 crore in FY24. Net profit also saw a strong 27.35% increase, reaching ₹379.66 crore in FY25.

“This performance showcases our operational excellence and growing consumer demand in the travel ecosystem,” said Vikas Vinod Kapoor, Whole-Time Director & CFO of TFS. “We’ve focused on high-traffic locations, efficiency in service delivery, and innovation in F&B formats.”

The IPO will be conducted through the book-building process, with 50% of the net offer reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors.

Rajat Rawal, from ICICI Securities, one of the book-running lead managers, stated, “TFS represents a compelling story with a proven track record, strong fundamentals, and a distinctive edge in a high-growth sector.”

The other book-running lead managers include Kotak Mahindra Capital, HSBC Securities and Capital Markets (India), and Batlivala & Karani Securities India. Speaking on behalf of Batlivala & Karani, Devesh Patkar, Senior Vice President, said, “This IPO comes at a time when investors are increasingly seeking quality consumption plays in India’s evolving travel and leisure space. TFS is well-positioned to lead the next wave.”

Gaurav Dewan, Chief Operating Officer at TFS, summed it up aptly: “We are driven by our vision to elevate traveller experiences. Whether it’s a gourmet lounge meal or a quick bite on the highway, we’re bringing quality and convenience together like never before.”

MUFG Intime India Private Limited has been appointed as the registrar to the issue.

With its strong market positioning, consistent profitability, and experienced leadership, TFS is expected to garner significant interest from retail and institutional investors alike.

Disclaimer: Investors looking to participate in this IPO should carefully review the company’s financials, market position, and growth strategies before making investment decisions.

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