Travel Food Services IPO: Price band set at ₹1,045-1,100 per share; check GMP, issue details, more
The floor price is 1,045 times the face value of the equity shares and the cap price is 1,100 times the face value of the equity shares. The Travel Food Services IPO lot size is 13 equity shares and in multiples of 13 equity shares thereafter.
Travel Food Services IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee has been reservation portion has been reserved up to ₹ 40 million.
Tentatively, Travel Food Services IPO basis of allotment of shares will be finalised on Thursday, July 10 and the company will initiate refunds on Friday, July 11 while the shares will be credited to the demat account of allottees on the same day following refund. Travel Food Services share price is likely to be listed on BSE and NSE on Monday, July 14.
Travel Food Services Limited is a quick service restaurant (Travel QSR) and lounge operator at Indian airports. As of June 30, 2024, the company operates 397 Travel QSRs in India and Malaysia, featuring a portfolio of 117 partner and in-house food and beverage brands.
The upcoming IPO comprises a complete offer-for-sale (OFS) of shares valued at ₹ 2,000 crore by the Kapur Family Trust, the promoter. This offer provides reservation options for eligible employees to subscribe.
The Kapur Family Trust functions under the K Hospitality brand, which manages and invests in various businesses within the hospitality and food service sectors, including Travel Food Services. Since this IPO is solely an OFS, the company will not obtain any funds from this issuance, and all proceeds will be directed to the selling shareholder.
The merchant bankers responsible for the Travel Food Services IPO are Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities, and Batlivala & Karani Securities India.
The Travel QSR segment offers a variety of tailored food and beverage concepts that span different cuisines, brands, and formats, meeting customer preferences for speed and convenience in travel settings.
The lounge segment of Travel Food Services Limited consists of designated spaces within airport terminals, typically accessible to first and business-class travelers, members of airline loyalty programs, select credit card and debit card holders, and participants in other loyalty programs.
By June 30, 2024, the company's Travel QSR and Lounge services were available in 14 airports across India and three airports in Malaysia, including prominent ones like the Delhi Airport, Mumbai Airport, Bengaluru Airport, Hyderabad Airport, Kolkata Airport, and Chennai Airport.
As of June 30, 2024, Travel Food Services had been present at the Delhi airport for 14 years, at the Mumbai airport for 15 years, at the Bengaluru airport for 5 years, and at the Chennai airport for 11 years.
As per the red herring prospectus (RHP), the listed peers are Jubilant FoodWork Ltd (with a P/E of 205.81), Devyani International Ltd (with a P/E of 2,097.13), Sapphire Foods India Ltd (with a P/E of 548), and Westlife Foodworld Ltd (with a P/E of 955.26), and Restaurant Brands Asia Ltd.
Travel Food Services has shown a strong financial performance in recent years, with profits in fiscal 2025 rising by 27.4% to reach ₹ 379.7 crore, while revenue climbed by 20.9% to ₹ 1,687.7 crore compared to the prior year.
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