The Rs 2,000-crore initial public offering of Travel Food Services opens today for public subscription. The IPO, entirely an offer for sale by the Kapur Family Trust, comes with a price band of Rs 1,045-1,100 per share and will close on July 9. Investors can bid for a minimum of 13 equity shares and multiples thereof.
The offer is being made through the book-building process, wherein up to 50 per cent of the net offer is reserved for qualified institutional buyers, not less than 15 per cent for non-institutional investors, and at least 35 per cent for allocation to retail investors.
The company raised Rs 598.80 crore from anchor investors on Friday, ahead of the initial public offering. The company informed the bourses that it allocated 54,43,635 shares at Rs. 1,100 s share to anchor investors who included some of the marquee Institutions such as ICICI Prudential Mutual Fund, Abu Dhabi Investment Authority, Axis Mutual Fund, Fidelity Investment Trust Emerging Asia Fund, Government Pension Fund Global, Kotak Mutual Fund, Baroda BNP Paribas Mutual Fund, WhiteOak Capital Flexi Fund, Bajaj Allianz Life Insurance Company, HDFC Life Insurance Company. Tata AIA Life Insurance, Turnaround Opportunities Fund, IKIGAI Emerging Equity Fund, JM Financial Mutual Fund, Amundi Funds New Silk Road, Samsung India Securities Master Investment Trust Equity, Bharti AXA Life Insurance, Helios Flexi Cap Fund, SBI General Life Insurance Company, Necta Bloom VCC –Regal Fund, Integrated Core Strategies (Asia) Pte. Ltd and Societe Generale – ODI.
Out of the total allocation of 54,43,635 equity shares to the anchor investors, 23,67,527 equity shares were allocated to 7 domestic mutual funds through a total of 15 schemes, i.e. 43.49% of the Total Anchor Book Size, the company said.
Travel Food Services Limited is engaged in the fast-growing Indian airport travel, quick-service restaurant, and lounge sectors across airports in India, Malaysia, and Hong Kong. It also has Travel QSRs on nine highways in India. Its Travel QSR business comprises a range of F&B concepts tailored to customers’ demands for speed and convenience within travel environments. As of March 31, 2025, its F&B brand portfolio includes 127 partner and in-house brands.
The company has a market share based on revenue (including Associates and Joint Ventures) of approximately 26% in the Indian airport travel QSR sector and approximately 45% in the Indian airport Lounge sector in Fiscal 2025, according to the CRISIL Report. Its Lounge business comprises designated areas within airport terminals, accessible primarily to first- and business-class passengers, members of airline loyalty programs, select credit and debit card holders, and members of other loyalty programs.
TFS has a presence in 14 airports in India, three airports in Malaysia, and one airport in Hong Kong as of March 31, 2025. Out of the 14 airports in India, 13 of them were among the 15 largest airports in the country, including Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai.
Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited and Batlivala & Karani Securities India Private Limited, are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.
Published on July 7, 2025