Travel Food Services IPO subscribed 27% on day 3; check GMP, and other details
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The initial public offering (IPO) of Travel Food Services received a muted response from investors, with the issue subscribed 27% as of 10:09 am on Wednesday, July 9 — the third and final day of bidding.The IPO received bids for 35.7 lakh shares against 1.34 crore shares on offer. The retail portion was subscribed 31%, while non-institutional investors (NIIs) bid for 28%. The Qualified Institutional Buyers (QIBs) segment saw 19% subscription. The employee quota was subscribed 80%.In the unlisted market, shares of Travel Food Services were trading at a grey market premium (GMP) of Rs 8–9, indicating a modest potential listing gain of about 1% over the upper end of the price band.Ahead of the IPO, the company raised Rs 599 crore from anchor investors by allotting 54,43,635 equity shares at Rs 1,100 apiece on Friday, July 4.Anchor investors included ICICI Prudential Mutual Fund, Abu Dhabi Investment Authority, Axis Mutual Fund, Kotak Mutual Fund, HDFC Life Insurance , Fidelity, SBI General Insurance, and Tata AIA Life Insurance, among others.The company has set the price band for the IPO at Rs 1,045 to Rs 1,100 per share. The issue is a 100% offer for sale (OFS), with no fresh equity being issued.Investors can place bids for a minimum of 13 equity shares and in multiples of 13 thereafter.As per the offer structure, 50% of the issue is reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors , and 15% for Non-Institutional Investors (NIIs).Promoted by UK-based SSP Group plc and the Kapur Family Trust, Travel Food Services operates India's largest airport food and lounge network, with 413 outlets, of which 384 are located at airports across 14 Indian cities. It also runs 37 airport lounges, including 28 private ones, making it the largest lounge operator in India.The company also operates internationally at three airports—two in Malaysia and one in Hong Kong.In FY25, Travel Food Services reported a 27.4% year-on-year rise in profit to Rs 379.7 crore, while revenue grew 20.9% to Rs 1,687.7 crore.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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