India's Travel Food Services plans $233.5 million IPO; eyes $1.69 billion valuation
The price band values Travel Food Services, which plans to raise 20 billion rupees ($233.49 million) via a three-day share sale beginning July 7, at 144.8 billion rupees ($1.69 billion) at the upper end of the range.
The issue will consist solely of the company's largest shareholder, Kapur Family Trust, divesting its shares. It was not immediately clear if the Trust would divest all its shares. Travel Food Services did not immediately respond to a Reuters request for comment.
India's IPO has picked up steam after a slow start this year, due to market gyrations from global trade worries and a domestic border conflict.
HDB Financial Services jumped more than 13% in its trading debut on Wednesday, with its $1.5 billion IPO turning out to be India's largest in 2025 and the largest ever by a non-banking financial company.
Travel Food Services, a joint venture between UK-based restaurant operator SSP Group (SSPG.L), opens new tab and India's K-Hospitality, said it has a revenue-based market share of about 26% in the domestic airport restaurant sector.
It operates brands such as Wendy's and Subway as well as airport lounges, in which it has a 45% domestic market share, as per a CRISIL report.
The company's revenue from operations rose nearly 21% in fiscal 2025 to 16.88 billion rupees, while profit jumped more than 27% to 3.8 billion rupees, according to its prospectus.
Competitor Dreamfolks Services (DREM.NS), opens new tab is valued at about 12.11 billion rupees.
According to PRIME Database, there are 143 Indian IPOs being planned worth a potential $26 billion. Regulators have so far approved 73.
($1 = 85.6580 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Japan's service activity growth picks up in June, PMI shows
TOKYO, July 3 (Reuters) - Japan's service sector activity expanded at a slightly faster pace in June, with business confidence improving to a four-month high, a private sector survey showed on Thursday. The final au Jibun Bank Japan Services purchasing managers' index (PMI) rose to 51.7 in June from 51.0 in May, topping the flash figure of 51.5 and marking a third consecutive month of growth. Readings above 50.0 indicate expansion in activity, while those below that level point to a contraction on a monthly basis. Overall new order growth accelerated slightly from May. But the increase in new export business, generally attributed to tourist activities, decelerated to the slowest since December. Service firms' business confidence on a 12-month outlook improved to a four-month high in June, with companies citing expansion plans, staff hiring and new product rollouts, according to the survey. As a result, employment in the sector grew at the fastest pace since January. Input price inflation eased to a six-month low, but output inflation rose to the fastest rate in 14 months, as service firms continued to pass higher labour, fuel and other costs onto their customers. The upturn in services, coupled with factory activities' return to growth for the first time in about a year, helped lift the composite PMI to 51.5 in June from 50.2 in May, marking the strongest overall business activity growth since February. "However, market confidence and trading conditions remain subdued, in part due to lingering uncertainty over U.S. tariffs," said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence, which compiled the survey. "The PMI data signalled that overall growth momentum slowed in the second quarter compared to the first quarter of 2025, to suggest an easing of GDP growth," Fiddes added. Japan's GDP shrank by an annualised 0.2% in the January-March quarter due to falling exports and lacklustre domestic consumption even before the full blow of U.S. President Donald Trump's tariffs hit the economy.
Reuters
2 hours ago
- Reuters
US, India push for trade pact after Trump strikes deal with Vietnam, sources say
WASHINGTON/NEW DELHI, July 2 (Reuters) - U.S. and India trade negotiators were pushing on Wednesday to try to land a tariff-reducing deal ahead of President Donald Trump's July 9 negotiating deadline, but disagreements over U.S. dairy and agriculture remained unresolved, sources familiar with the talks said. The push comes as Trump announced an agreement with Vietnam that cuts U.S. tariffs on many Vietnamese goods to 20% from his previously threatened 46%. Trump said that U.S. products could enter Vietnam duty free, but details were scant. Trump threatened a 26% duty on Indian goods as part of his April 2 "Liberation Day" reciprocal tariffs, which were temporarily lowered to 10% to buy time for negotiations. Sources in India's commerce ministry said that a trade delegation from India was still in Washington a week after arriving for talks that started last Thursday and Friday. They may stay longer to conclude a deal, but without compromising on key agricultural and dairy issues, the sources said, adding that it was unacceptable to lower tariffs on genetically modified corn, soybeans, rice and wheat grown in the U.S. Prime Minister Narendra Modi's government "doesn't want to be seen as surrendering the interests of farmers - a strong political group in the country," one of the sources said. However, India is open to lowering tariffs on walnuts, cranberries and other fruits, along with medical devices, autos and energy products, the source said. A U.S. source familiar with the talks said that there were "indications that they are close" and negotiators have been told to prepare for a potential announcement. The source added that "there's been intense and constructive effort to close a deal. I think both sides understand the strategic importance, beyond the economic importance, of closing a deal." Trump echoed those sentiments on Tuesday, telling reporters on Air Force One that he could reach a deal with India that would cut tariffs for both countries and help American companies compete in India's market of 1.4 billion consumers. At the same time, Trump cast doubt on a potential deal with Japan, saying he may impose a tariff of 30% or 35% on Japanese goods, well above the 24% duty rate he announced on April 2. Japan is seeking to lower separate 25% automotive and steel tariffs that Trump imposed. Spokespersons for the U.S. Trade Representative's office, the Commerce Department and the U.S. Treasury did not respond to request for comment on the state of trade negotiations with India and other countries. A spokesperson for India's embassy in Washington did not respond immediately to a request for comment.
Times
4 hours ago
- Times
Donald Trump announces 20% tariff in trade agreement with Vietnam
President Trump has struck a trade deal with Vietnam under which the country will face a minimum 20 per cent tariff and open its market to American products. The deal comes less than a week before Trump's self-imposed July 9 deadline for steeper tariffs on US trade partners to take effect if agreements are not reached. Shares in clothing companies and sport equipment manufacturers, such as Nike, which have a large footprint in Vietnam, initially rose on the news. But they later declined sharply after the president released details of the deal, including the continued tariffs, which were higher than expected. • Tala puts US expansion on ice in response to US tariffs If confirmed, the terms of the agreement will significantly increase the price of shoes and clothing that Vietnam exports to the US, but Hanoi escapes the threat of the more severe 46 per cent tariff threatened by Trump in April. 'It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam,' Trump wrote on his Truth Social platform. He said that under the 'Great Deal of Cooperation', imports of Vietnamese goods will face a 20 per cent US tariff, while goods that pass through Vietnam to circumvent steeper trade barriers — so-called trans-shipments — will incur a 40 per cent tariff. • Trump piles on the tariffs but UK escapes the worst Shortly after the trade announcement, Vietnam Airlines was reported to be ready to acquire 50 of Boeing's 737 Max aircraft manufactured in 2023, with the deal valued at $8 billion, according to Politico, the news website. Trump's trade adviser, Peter Navarro, has called Vietnam a 'colony of China', saying that one third of Vietnamese products are in fact relabelled Chinese goods. The president said of the trade agreement that 'in return, Vietnam will do something they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade. 'In other words, they will 'OPEN THEIR MARKET TO THE UNITED STATES,' meaning that we will be able to sell our product into Vietnam at ZERO Tariff.' • Is it a good time to invest in Vietnam Enterprise Investments Ltd? Trump said he believed that US-made SUVs, 'which do so well in the United States, will be a wonderful addition to the various product lines within Vietnam'. In a government statement, Vietnam confirmed that negotiating teams had come to an agreement to address the reciprocal tariff issue, but did not detail any terms.
