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Mint
3 days ago
- Business
- Mint
Travel Food Services share price slips 4% after tepid listing. Should you buy, sell or hold?
Travel Food Services IPO listing in focus: Travel Food Services share price made a subdued debut on Dalal Street today, July 14, as the stock listed with a modest premium of 2.27% at ₹ 1,125 apiece on the NSE, compared to the issue price of ₹ 1,100. On the BSE, it opened 2.38% higher at ₹ 1,126.20. Following the lackluster listing, the stock moved lower, falling 4.2% to hit the day's low of ₹ 1,077 apiece. However, it recovered slightly and was last seen trading at ₹ 1,088.90, down 3.21% from the listing price. Though the stock made a weak market debut, analysts remain optimistic about the company's long-term growth prospects, citing its presence across 18 airports and a portfolio of 442 outlets and 37 lounges. Mahesh M. Ojha, AVP of Research and BD at Hensex Securities, highlighted that the company is a leading player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge sectors, with a market share of approximately 26% in the Travel QSR segment and around 45% in the Lounge segment as of FY2025. He pointed out that the company manages 397 Travel QSRs across India and Malaysia, offering 117 partner and proprietary brands. He added that the business is debt-free, generating positive cash flows, and currently valued at 16.58 times FY25 EV/EBITDA. According to Ojha, investors with a long-term view may continue to hold the stock, while those looking for short-term gains can consider booking profits. Gaurav Goel, founder and director at Fynocrat Technologies, also remains positive on the fundamentals of the company despite weak market sentiment. He emphasized the company's strong backing from promoters SSP Group and K Hospitality, along with its consistent financial performance, including ₹ 1,688 crore in FY25 revenue and healthy EBITDA and PAT margins of 32.8% and 21.5%, respectively. Goel noted the company's industry-leading return ratios, such as ROE of 34.5% and ROCE of 47.7%, supported by its asset-light model and long-term concession agreements. While short-term listing gains may be limited, he believes the company is well-positioned as a differentiated consumption play in a high-growth segment driven by rising Indian air travel and expanding airport infrastructure. Established in 2007, the company is a prominent player in India's airport-based food and beverage sector. The company operates in the quick service restaurant (Travel QSR) and airport lounge segments, offering a comprehensive portfolio of food and hospitality solutions tailored for travelers. As of June 30, 2024, the company manages 397 Travel QSR outlets across airports in India and Malaysia. Its food and beverage operations span across 117 partner and in-house brands, delivering diverse cuisines and formats that cater to the needs of passengers looking for fast, convenient, and quality dining experiences while in transit. In addition to QSRs, Travel Food Services also runs premium lounges within airport terminals, primarily serving first and business-class travelers, members of airline loyalty programs, and select credit/debit card holders. These lounges offer a comfortable, upscale environment for travelers to relax before their flights. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.


Mint
3 days ago
- Business
- Mint
Muted Debut! Travel Food Services shares list at ₹1,125 on NSE, up just 2.27% from IPO price
Travel Food Services IPO listing: Shares of Travel Food Services made a muted debut on the bourses on Monday, July 14, listing at ₹ 1,125 on NSE, a premium of just 2.27 percent from its IPO price of ₹ 1100. Meanwhile, on BSE, it listed at ₹ 1,126.20, up 2.38 percent from issue price. The initial public offering (IPO), with a total issue size of ₹ 2000 crore, was open for bidding from July 7 to July 9. The offering received a decent overall response from investors, closing with a subscription of 3.03 times. During the three-day subscription window, the IPO garnered bids for 3.86 crore shares against the 1.27 crore shares available. The retail investor category was subscribed 0.73 times while the non-institutional investor (NII) segment witnessed 1.67 times subscription. Meanwhile, the qualified institutional buyer (QIB) portion was bid the most, 8.10 times. Moreover, the employee quota was booked 1.81 times in the 3 days of bidding. The IPO is entirely an offer for sale of 1.8 crore shares with no fresh issue of shares. The IPO has a lot size of 13 shares, with the minimum investment for a retail individual investor set at ₹ 14,300. Additionally, the issue includes a reservation of up to 40,382 shares for employees offered at a discount of ₹ 104.00 to the issue price. The company will not benefit financially from the Offer, as the entire proceeds will be directed to the Promoter Selling Shareholder. Travel Food Services successfully raised ₹ 598.80 crore from anchor investors on Friday, July 4, 2025, ahead of its IPO. Kotak Mahindra Capital is the book-running lead manager of the IPO, while MUFG Intime India Private Limited (Link Intime) is its registrar. Travel Food Services Limited, established in 2007, is a prominent player in India's airport-based food and beverage sector. The company operates in the quick service restaurant (Travel QSR) and airport lounge segments, offering a comprehensive portfolio of food and hospitality solutions tailored for travelers. As of June 30, 2024, the company manages 397 Travel QSR outlets across airports in India and Malaysia. Its food and beverage operations span across 117 partner and in-house brands, delivering diverse cuisines and formats that cater to the needs of passengers looking for fast, convenient, and quality dining experiences while in transit. In addition to QSRs, Travel Food Services also runs premium lounges within airport terminals, primarily serving first and business-class travelers, members of airline loyalty programs, and select credit/debit card holders. These lounges offer a comfortable, upscale environment for travelers to relax before their flights.


Mint
4 days ago
- Business
- Mint
Muted Debut! Travel Food Services shares list at ₹1,125 on NSE, up just 2.27% from IPO price
Travel Food Services IPO listing: Shares of Travel Food Services made a muted debut on the bourses on Monday, July 14, listing at ₹ 1,125 on NSE, a premium of just 2.27 percent from its IPO price of ₹ 1100. Meanwhile, on BSE, it listed at ₹ 1,126.20, up 2.38 percent from issue price. The initial public offering (IPO), with a total issue size of ₹ 2000 crore, was open for bidding from July 7 to July 9. The offering received a decent overall response from investors, closing with a subscription of 3.03 times. During the three-day subscription window, the IPO garnered bids for 3.86 crore shares against the 1.27 crore shares available. The retail investor category was subscribed 0.73 times while the non-institutional investor (NII) segment witnessed 1.67 times subscription. Meanwhile, the qualified institutional buyer (QIB) portion was bid the most, 8.10 times. Moreover, the employee quota was booked 1.81 times in the 3 days of bidding. The IPO is entirely an offer for sale of 1.8 crore shares with no fresh issue of shares. The IPO has a lot size of 13 shares, with the minimum investment for a retail individual investor set at ₹ 14,300. Additionally, the issue includes a reservation of up to 40,382 shares for employees offered at a discount of ₹ 104.00 to the issue price. The company will not benefit financially from the Offer, as the entire proceeds will be directed to the Promoter Selling Shareholder. Travel Food Services successfully raised ₹ 598.80 crore from anchor investors on Friday, July 4, 2025, ahead of its IPO. Kotak Mahindra Capital is the book-running lead manager of the IPO, while MUFG Intime India Private Limited (Link Intime) is its registrar. Travel Food Services Limited, established in 2007, is a prominent player in India's airport-based food and beverage sector. The company operates in the quick service restaurant (Travel QSR) and airport lounge segments, offering a comprehensive portfolio of food and hospitality solutions tailored for travelers. As of June 30, 2024, the company manages 397 Travel QSR outlets across airports in India and Malaysia. Its food and beverage operations span across 117 partner and in-house brands, delivering diverse cuisines and formats that cater to the needs of passengers looking for fast, convenient, and quality dining experiences while in transit. In addition to QSRs, Travel Food Services also runs premium lounges within airport terminals, primarily serving first and business-class travelers, members of airline loyalty programs, and select credit/debit card holders. These lounges offer a comfortable, upscale environment for travelers to relax before their flights. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.


Mint
07-07-2025
- Business
- Mint
Travel Food Services IPO booked 10% on first day. Check subscription, GMP, review and other details
Travel Food Services IPO Subscription Status: The initial public offering (IPO) of Travel Food Services was off to a tepid start on Monday, July 7, with the retail portion subscribed the most at the end of the first day. Travel Food Services operates an airport travel quick service restaurant and lounge business across India, Malaysia and Hong Kong. It also has Travel QSR outlets on select highways. The company has a F&B brand portfolio of 127 companies. Travel Food Services IPO subscription at the end of the first day stood at 10% as the issue received bids for 13,90,766 shares as against 1,34,12,842 shares on offer. The retail portion was booked the most at 14%, followed by the QIB portion at 7% and the NII portion at 6%. The slow demand for the IPO coincided with a tepid grey market premium (GMP). Travel Food Services IPO GMP today is ₹ 16. This has declined from ₹ 30 a day ago. At the current GMP and issue price, Travel Food Services shares could list at ₹ 1116, a premium of just 1.45%. However, investors must note that grey market premiums are subject to change and should not guide an investor's investment decisions. Rather, they should consider the company fundamentals and their risk appetite before subscribing. The ₹ 2000 crore IPO of Travel Food Services will close for subscription on July 9. According to the current schedule, Travel Food Services IPO allotment is likely to be finalized on July 10 and the listing is expected to take place on NSE and BSE on July 14. Travel Food Services IPO price band is set at ₹ 1045 to ₹ 1100 per share. The IPO is entirely an offer for sale of 1.82 crore shares, meaning the entire proceeds will go to the shareholders selling stake via the share sale. Investors can apply for the issue in lots of 13 shares. The IPO also includes a reservation of up to 40,382 shares for employees offered at a discount of ₹ 104 to the issue price. Kotak Mahindra Capital Company, HSBC Securities, ICICI Securities and B&K Securities are the book-running lead managers of the Travel Food Services IPO, while MUFG Intime India Private (Link Intime) is the registrar for the issue. Arihant Capital has a 'Neutral' rating on the IPO. "With market leadership in airport QSRs and Lounges, a diversified brand portfolio, and proven operational expertise, the company is well positioned to benefit from India's underpenetrated air travel market and strong highway QSR growth. Ongoing expansion in domestic and international airports, along with digital initiatives to boost like-for-like sales, should drive sustained double-digit revenue growth. The issue is valued at a P/E ratio of 38.15x, based on FY25 EPS of INR 28.83 per share. We are recommending a 'Neutral' rating for this issue," the brokerage said. Meanwhile, Canara Bank Securities suggested a 'Subscribe' rating. From a valuation standpoint, the IPO is priced at a P/E of 39.88x (FY25 earnings), which is attractively placed below the sector average of 951.51x, and trades at a P/BV of 13.82x, also lower than the peer average of 14.58x, it said. "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. Nirmal Bang, SBICAP Securities, Ventura, and Marwadi Shares and Finance also have an 'Apply' rating on the IPO. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.


Mint
02-07-2025
- Business
- Mint
Travel Food Services IPO: Price band set at ₹1,045-1,100 per share; check GMP, issue details, more
The Travel Food Services IPO price band has been fixed in the range of ₹ 1,045 to ₹ 1,100 per equity share of the face value of Re 1. The Travel Food Services IPO date of subscription is scheduled for Monday, July 7, and will close on Wednesday, July 9. The allocation to anchor investors for the Travel Food Services IPO is scheduled to take place on Friday, July 4. 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.