GSM Foils Limited IPO...
04 Jul, 2025
Travel Food Services Limited IPO
Travel Food Service Limited (TFS), a travel QSR and lounge business brand, is coming with its initial public offering (IPO) to make its debut in the primary market. Travel Food Service Limited IPO has a price range of ₹1,045 to ₹1,100 per share, with a face value of ₹1 per share. The opening date of the IPO is going to be 7th July 2025 while closing on 9th July 2025. The IPO's offering size is ₹2,000 crore, which comprises the promoter, Kapur Family Trust, making an offer for sale (OFS). There is no fresh equity offer means there are no proceeds to be used by the company. The IPO has a lot size of 13 shares that requires a retail investor to invest approximately ₹14,300 at the upper price band to be a part of this IPO.
Company Background
Travel Food Service Limited was incorporated in 2007 with its headquarters in Mumbai. In the Indian travel food and beverage (F&B) industry, TFS is a major player, particularly in airport settings. The company launched its travel service restaurant (QSR) model back in 2009 and since then has been expanding its presence to major airports throughout the country and in Malaysia.
Operations & Product Range
Facility & Production
TFS has a diverse portfolio of 397 quick-service restaurants (QSRs) and lounges spread over 14 Indian airports (including Mumbai, Delhi, Bengaluru, Hyderabad and Chennai) along with some selected locations in Malaysia as of June 30, 2024. All the restaurants are designed to serve the unique needs of travelers with a focus on speed and convenience.
Brands & Market Presence
The company’s F&B brand portfolio includes 117 partners and in-house brands, offering a wide range of cuisines and formats—bakeries, cafes, bars and multi-cuisine outlets. TFS also manages premium airport lounges, accessible to loyalty program members, business/first-class passengers and select cardholders, further strengthening its presence in the travel hospitality sector.
Revenue Channels
TFS generates revenue primarily through:
- Airport QSRs: Operating branded and in-house food outlets at airports.
- Airport Lounges: Managing exclusive lounges with food, beverage and hospitality services.
- Highway Outlets: Select food service locations on highways.
- Partnerships: Collaborating with global and domestic F&B brands for co-branded outlets.
Management & Shareholding
Promoters & Shareholding
The current promoters of the company include Kapur Family Trust and SSP Asia Pacific Holdings Limited. Promoters are holding 100% equity shares of the company before the IPO and this IPO is an OFS being done by the Kapur Family Trust.
Board Members
Among the company board members are Varun Kapur and Karan Kapur from the Kapur family, along with representatives from the SSP Group and its affiliates.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Travel Food Services Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 2025-07-03 | 1,100 | ₹92 (8.36%) | 2025-07-03 |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Travel Food Services Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | July 7, 2025 to July 9, 2025 |
| Listing Date | - |
| Face Value | ₹1 per share |
| Issue Price Band | ₹1045 to ₹1100 per share |
| Lot Size | 13 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 1,81,81,818 shares (aggregating up to ₹2,000.00 Cr) |
| Employee Discount | 104 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 13,16,79,484 shares |
Travel Food Services Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Jul 7, 2025 |
| IPO Close Date | Wed, Jul 9, 2025 |
| Tentative Allotment | Thu, Jul 10, 2025 |
| Initiation of Refunds | Fri, Jul 11, 2025 |
| Credit of Shares to Demat | Fri, Jul 11, 2025 |
| Tentative Listing Date | Mon, Jul 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 9, 2025 |
Travel Food Services Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 13 | ₹14,300 |
| Retail (Max) | 13 | 169 | ₹1,85,900 |
| S-HNI (Min) | 14 | 182 | ₹2,00,200 |
| S-HNI (Max) | 69 | 897 | ₹9,86,700 |
| B-HNI (Min) | 70 | 910 | ₹10,01,000 |
Travel Food Services Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 100% | - |
Competitive Strength:
- ● Market Leadership: Leading operator in the Indian travel QSR and lounge segment.
- ● Diverse Portfolio: Wide range of in-house and partner brands catering to varied traveler preferences.
- ● Strategic Locations: Strong presence in major Indian airports and select international locations.
- ● Operational Experience: Over 15 years of experience in travel F&B, with established relationships with airport authorities.
- ● Financial Performance: Consistent growth in revenue and profitability, with a PAT margin of 20.38% and ROE of 36.57% for FY24.
Travel Food Services Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 1,902.73 | 1,762.71 | 379.66 | 1,048.45 | - | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 1,696 | 1,462 | 298 | 869.05 | 63.78 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 1,332.32 | 1,103.58 | 251.3 | 651.12 | 31.05 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 35.47% |
| ROCE | 51.40% |
| RoNW | 34.64% |
| PAT Margin | 21.54% |
| EBITDA Margin | 40.07% |
| Price to Book Value | 18.20 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 22.63 | |
| P/E (x) | 22.63 |
IPO Objectives
This initial public offering's only goal is to reap the rewards of listing equity shares on stock markets. No revenues will be given to the company because it is a pure OFS; instead, the selling shareholder, Kapur Family Trust, will receive all of the money once taxes and offer-related costs are subtracted.
Conclusion
The initial public offering (IPO) of Travel Food Services Limited gives investors a chance to get involved in India's expanding travel F&B industry through a market leader with a solid reputation and solid brand partnerships. However, the company will not get any new funding for operations or expansion because the IPO is a full OFS.
RHP:
DRHP:
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Frequently asked Questions (FAQs )
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1. When is the IPO scheduled for Travel Food Services Limited?
The initial public offering (IPO) will take place from July 7, 2025, to July 9, 2025.
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2. What is the lot size and price range for the IPO?
The price range is ₹1,045 to ₹1,100 per share, and a lot size of 13 shares is necessary.
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3. How significant is the problem as a whole?
The Kapur Family Trust is the seller of the entire IPO, which is valued at ₹2,000 crore.
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4. Will this initial public offering generate any revenue for the company?
No, as this IPO is an entirely offer for sale so nothing is going to be used for the company's operation.
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5. Who are Travel Food Services Limited's promoters?
The promoters are Kapur Family Trust (51%) and SSP Asia Pacific Holdings Limited (49%).
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6. What are the main business segments of TFS?
TFS operates airport QSRs, airport lounges and select highway outlets, partnering with 117 brands.
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7. How is the company's financial performance?
For FY24, revenue from operations was ₹13,963.22 million, with a PAT of ₹2,980.17 million and an ROE of 36.57%.
