Travel Food Services IPO Lists At 2.3% Premium, Shares Slip Into Red: Should You Buy, Hold Or Sell?
Travel Food Services IPO Listing: Travel Food Services Ltd made a weak stock market debut on Monday, with its shares listing at just a 2.36% premium or at Rs 1,126 apiece on the BSE as against its IPO issue price of Rs 1,100. After the listing, the shares declined into red and were trading lower by around 0.75% at Rs 1,086, as of 10:15 am.
On the NSE, the shares of Travel Food Services listed at a premium of 2.2% or at Rs 1,125 apiece.
The listing is in line with market expectations as reflected in its pre-listing GMP, which stood at 2.27%.
The company's market cap stood at nearly Rs 14,500.
The Travel Food Services IPO was opened between July 7 and July 9. It received an overall subscription of 2.88 times at the end of three-day subscription window closing. The Qualified Institutional Buyers (QIBs) was subscribed their portion 7.70 times, while the Non-Institutional Investors (NIIs) category was subscribed 1.58 times.
The price band of the mainboard IPO, which aims to raise Rs 2,000 crore, was fixed in the range of Rs 1,045 to Rs 1,100.
Travel Food Services, founded in 2007, operates 397 quick service restaurants (QSRs) and airport lounges across 17 airports in India and Malaysia, with a portfolio of 117 in-house and partner brands.
SBI Securities highlighted TFS as a 'proxy to the Indian aviation growth story", given its strong presence across major airport terminals and upcoming concessions at Greater Noida and Navi Mumbai airports. The brokerage noted that the company's brand portfolio includes a healthy mix of in-house and third-party QSR brands.
'At the upper price band of Rs 1,100, the stock is likely to trade at 39.9x FY25 EPS, which is at a discount to listed QSR companies. TFS has superior margins and return ratios along with a strong balance sheet. We recommend investors to 'subscribe' to the issue at the cut-off price," SBI Securities said.
Canara Bank Securities is positive on the company's airport-centric model, citing its competitive moat created by global partnerships, strong brand equity, and high-traffic locations.
'From a valuation standpoint, the IPO is priced attractively, placed below the sector average and trades lower than the peer average in terms of price-to-book value (P/BV). 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.
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