Foodlink F&B Holdings IPO

Foodlink F&B Holdings India's IPO is offering a book-built issue, with a fresh issue of equity shares raising up to ₹160 crore and an offer-for-sale of up to 11,953,535 equity shares. It filed its DRHP with SEBI on June 27, 2025 and proposed for listing on BSE and NSE. Foodlink F&B Holdings India’s issue will be managed by Equirus Capital Private Limited and JM Financial Limited as the Book-Running Lead Managers (BRLMs), with MUFG Intime India Private Limited as the registrar.

Company Background

Foodlink F&B Holdings (India) Private Limited was incorporated on October 28, 2015, but its catering roots date back to 2003. Sanjay Vazirani established it. It has transformed from a boutique catering service into an international food services operator based in Mumbai. Today, it serves as a diversified model for events, restaurants and banquet management, catering to high-profile clientele, including corporate houses, celebrities and HNIs.

Operations & Product Range

Foodlink F&B Holdings is a business that provides catering services all across the globe, while having three primary segments:

Events Catering: Offering professional and expert catering for events like weddings, corporate MICE (Meetings, Incentives, Conferences and Exhibitions) and sports.

Casual Dining & Cloud Kitchens: A food retail segment that delivers food directly to your home, under India Bistro.

Banquets & Integrated F&B: Also manage luxury banquet spaces under the "Jade Luxury Banquets" brand.

It has a vast food system in India, catering to a wide range of customers, from prominent franchisees such as Hardcastle Restaurants (McDonald’s India) to media giants such as Zee Entertainment.

Facilities & Capacity

Foodlink believes in a "hub-and-spoke" model to maintain the highest quality.

• • It has 6 centralised kitchens: 5 in India and 1 in Dubai, with a combined capacity to cook over 100,000 meals per day.
• • As recorded in 2024, the company manages 30 units, including restaurants and cloud kitchens, across India and the UAE.
• • For further expansion, a major portion of Foodlink F&B Holdings India's IPO proceeds is set aside to establish two new centralised kitchens and four new casual dining restaurants.

Brands & Market Presence

Foodlink has a portfolio of brands catering to diverse consumers across multiple occasions. China Bistro and India Bistro serve as casual dining options for Pan-Asian and Indian cuisines, respectively, while Art of Dum is a profitable cloud kitchen brand. Glocal reflects their world-fusion dining and bar vibe, while Jade is all about the luxury banquet vertical. According to the F&S Report referenced in the DRHP, Foodlink is expected to be India's largest organised player in the luxury and ultra-luxury catering segment by 2024, catering to marquee weddings and corporate events.

Revenue Streams & Business Model

Foodlink is a combined business model with three complementary verticals. From April 2024 to December 2024, Events Catering was the most profitable and largest segment, accounting for 55.97% of total revenue. Casual dining restaurants & cloud kitchens accounted for 23.52% of revenue, while banquets and integrated F&B services accounted for 19.86%.

This diversification of segments forms a powerful combination that provides a natural hedge year-round. Event catering is likely to be in demand during wedding season, while restaurants, cloud kitchens and banquets generate more consistent year-round revenue. Geographically, around 67% of revenue came from India and 33% from outside during the same period.

Management & Shareholding

Sanjay Manohar Vazirani has been the sole promoter, as well as the chairman and managing director, of the company for over 3 decades in the luxury F&B industry. Pre-IPO, the promoter and promoter group hold 63.40% of the company’s issued share capital combined. Post-IPO, their shareholding will be diluted by the fresh issue and the offer-for-sale, while they maintain major control over the company.

Board & Key Management

The company's board combines industry expertise and professional governance, leading to more profitable, sustainable and structured growth. The founder, Sanjay Manohar Vazirani, is the chairman and managing director, with Priya Gogte as the whole-time director. The board consists of three independent directors, Dhananjay Mungale, Farhat Jamal and Shalu Bhandari, who bring diverse professional experience and together form a strong team. Shashikant Dalmia is Chief Financial Officer, while Manoj Arvind Dere serves as the company Secretary and Compliance Officer.