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Business Standard

Kapur Family Trust to sell ₹2,000 crore stake via Travel Food IPO

Kapur Family Trust, a part of K Hospitality Corp and one of the promoters of Travel Food Services—the operator of airport travel QSRs (quick service restaurants) and lounges network in India—will partially sell its stake in the company, aggregating up to Rs 2,000 crore through the initial public offering (IPO). The IPO is a complete offer-for-sale issue. The price band is set in the range of Rs 1,045 to Rs 1,100 per equity share with a face value of Re 1 each. The IPO will open on July 7 and close on July 9. 'We have a decent amount of cash balance on the books, more than Rs 600 crore as of March end, and we are in a good place as a business to expand and take care of our expansion needs,' Varun Kapur, managing director and chief executive officer, told Business Standard. 'The perspective was to get listed at some point in time, and we have finally taken that decision right now. It (the listing) was the right thing for the business; it gives you credibility. Since the business is in such a good financial position, the additional funds for the company through the IPO didn't make much sense,' he added. After the IPO, the two major promoters—the Kapur Family Trust and SSP Group—will see a change in their shareholding. Both promoters together will hold 85 to 86 per cent of the company, Kapur added. The Kapur Family Trust will retain about 36 per cent, while the SSP Group will increase its stake by 1.01 per cent to 50.01 per cent post-listing. In the travel QSR segment, the company operates 127 brands, including 37 in-house brands such as and Noodle Wok. It also runs franchise outlets of 32 international brands like Pizza Hut, KFC and Subway, and 58 regional brands including Madras Cafe House, Third Wave Coffee and Wow Momo. In the lounge segment, the company was present at 14 airports in India and four international locations—across Malaysia and Hong Kong—as of March 2025. 'Our first focus is to be in APAC (Asia Pacific) and the Middle East (in terms of lounge business). We look at every opportunity, but these are the main focus markets for now,' said Kapur. He also noted a rise in demand from both business and leisure travellers for lounge services in India. Focused on the travel segment, the company further plans to expand its presence on highways. Kapur emphasised that the expansion and modernisation of national highways in India is a huge opportunity, as Indian travellers are increasingly adapting to the Western culture of long road travel. 'We have entered (the highway segment)... (it is) quite small to get a flavour of it. For now, it is just one per cent of our revenue,' he added. During the IPO conference, he mentioned that there is a strong growth opportunity for expressway travel QSR in India.