Travel Food Services IPO booked 10% on first day. Check subscription, GMP, review and other details
Travel Food Services operates an airport travel quick service restaurant and lounge business across India, Malaysia and Hong Kong. It also has Travel QSR outlets on select highways. The company has a F&B brand portfolio of 127 companies.
Travel Food Services IPO subscription at the end of the first day stood at 10% as the issue received bids for 13,90,766 shares as against 1,34,12,842 shares on offer.
The retail portion was booked the most at 14%, followed by the QIB portion at 7% and the NII portion at 6%.
The slow demand for the IPO coincided with a tepid grey market premium (GMP). Travel Food Services IPO GMP today is ₹ 16. This has declined from ₹ 30 a day ago. At the current GMP and issue price, Travel Food Services shares could list at ₹ 1116, a premium of just 1.45%.
However, investors must note that grey market premiums are subject to change and should not guide an investor's investment decisions. Rather, they should consider the company fundamentals and their risk appetite before subscribing.
The ₹ 2000 crore IPO of Travel Food Services will close for subscription on July 9. According to the current schedule, Travel Food Services IPO allotment is likely to be finalized on July 10 and the listing is expected to take place on NSE and BSE on July 14.
Travel Food Services IPO price band is set at ₹ 1045 to ₹ 1100 per share. The IPO is entirely an offer for sale of 1.82 crore shares, meaning the entire proceeds will go to the shareholders selling stake via the share sale. Investors can apply for the issue in lots of 13 shares.
The IPO also includes a reservation of up to 40,382 shares for employees offered at a discount of ₹ 104 to the issue price.
Kotak Mahindra Capital Company, HSBC Securities, ICICI Securities and B&K Securities are the book-running lead managers of the Travel Food Services IPO, while MUFG Intime India Private (Link Intime) is the registrar for the issue.
Arihant Capital has a 'Neutral' rating on the IPO. "With market leadership in airport QSRs and Lounges, a diversified brand portfolio, and proven operational expertise, the company is well positioned to benefit from India's underpenetrated air travel market and strong highway QSR growth. Ongoing expansion in domestic and international airports, along with digital initiatives to boost like-for-like sales, should drive sustained double-digit revenue growth. The issue is valued at a P/E ratio of 38.15x, based on FY25 EPS of INR 28.83 per share. We are recommending a 'Neutral' rating for this issue," the brokerage said.
Meanwhile, Canara Bank Securities suggested a 'Subscribe' rating. From a valuation standpoint, the IPO is priced at a P/E of 39.88x (FY25 earnings), which is attractively placed below the sector average of 951.51x, and trades at a P/BV of 13.82x, also lower than the peer average of 14.58x, it said.
"Given its strong growth trajectory, first-mover advantage, and resilient business model in a niche, high-growth segment, we recommend a SUBSCRIBE rating for both listing gains and long-term investment," the brokerage added.
Nirmal Bang, SBICAP Securities, Ventura, and Marwadi Shares and Finance also have an 'Apply' rating on the IPO.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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