Travel Food Services shares tumble 5% from peak after listing on premium
ADVERTISEMENT From its issue price, the stock has fallen by 2.12%.
Travel Food Services, a prominent operator of airport-based quick service restaurants (QSRs) and lounges, made its stock market debut on Monday with a 2.38% premium on the BSE. The shares opened at Rs 1,126.20 on the BSE and Rs 1,125 on the NSE, against the issue price of Rs 1,100.
The IPO saw a moderate response from investors, closing with an overall subscription of 3.03 times. The Qualified Institutional Buyer (QIB) category recorded the highest demand at 8.10 times, while retail investor participation remained subdued at just 0.73 times. The Non-Institutional Investor (NII) segment was subscribed 1.67 times, indicating cautious interest from high-net-worth investors.
Travel Food Services, backed by UK-based SSP Group, operates 397 quick service restaurant outlets and lounges across 14 airports in India and three airports in Malaysia, covering major hubs such as Mumbai, Delhi, Bengaluru, and Chennai.
ADVERTISEMENT The company offers a diverse food and beverage portfolio comprising 117 partner and in-house brands, serving the rising demand for food and travel services at high-traffic transit locations.
Financially, the company reported stable earnings growth in FY25, supported by robust EBITDA margins of 40% and a return on equity (ROE) of 35.47%. However, concerns have been raised over the IPO's valuation, priced at a P/E multiple of 48.6 times, particularly since the offer is entirely secondary with no fresh capital being raised.
ADVERTISEMENT
Also read: Jane Street complies with Sebi, deposits Rs 4,843 crore in escrow account
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
23 minutes ago
- Time of India
Currency watch: Rupee rises 16 paise to 85.76 against dollar; crude oil slide & weak greenback lift sentiment
The rupee appreciated by 16 paise to settle at 85.76 against the US dollar on Tuesday, helped by a weaker greenback and softer crude oil prices globally. However, persistent foreign fund outflows and uncertainty surrounding the ongoing India-US trade negotiations limited the currency's upward movement, according to forex dealers. At the interbank foreign exchange market, the rupee opened at 85.97 and moved in a tight range between 85.75 and 85.97 during the session. It eventually ended the day at 85.76, recovering from its previous close of 85.92, PTI reported. "The Reserve Bank of India has been guarding the rupee at the 86.00 level and on Tuesday also ensured that the rupee opens a tad higher than 86," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP. He added, "For tomorrow (Wednesday), we expect the rupee to be in the range of 85.50–86.10 with expectations of more flows." Dollar, crude prices ease The dollar index, which tracks the US currency against a basket of six peers, declined 0.11% to 97.97, supporting emerging market currencies. Brent crude, the global oil benchmark, was down 0.43% to $68.91 per barrel in futures trade, reducing pressure on India's import bill. Trade talks and equity flows in focus The gains in the rupee were tempered by ongoing concerns over the outcome of bilateral trade negotiations between India and the US. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo A team from India's commerce ministry is currently in Washington for the latest round of discussions on the proposed bilateral trade agreement. The four-day meeting began on Monday and is set to conclude on Thursday. M eanwhile, India's merchandise exports held steady at $35.14 billion in June, while the trade deficit narrowed to a four-month low of $18.78 billion, according to government data released Tuesday. On the domestic equities front, both benchmark indices ended in the green. The Sensex rose 317.45 points to close at 82,570.91, and the Nifty advanced 113.50 points to settle at 25,195.80. Foreign institutional investors (FIIs) were net buyers on the day, purchasing equities worth Rs 120.47 crore, according to stock exchange data. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
23 minutes ago
- Time of India
When Rs 12 beats Rs 175: Bengaluru founder snubs costly auto prices, uses cheaper option to protest ‘stupid fares'
Swapnil Jain , co-founder of Ather Energy , did not expect a normal Monday morning commute to kick up such noise. He had both his vehicles parked at the office, so when he needed to get back, he tried the usual option. 'For various reasons, both my vehicles were parked at the office and I had no ride. Tried booking an auto because it is only 4 kms, but the price was ₹175. Heck with it, just decided to take a bus to office at ₹12,' he posted on X. And that was that. Or so he thought. 'Protesting stupid auto prices' Calling it what it was, Jain wrote, 'This is me protesting against the stupid auto prices.' — swapniljain89 (@swapniljain89) Live Events The phrase struck a chord. In Bengaluru, short auto rides turning costly is nothing new. Jain's public refusal felt relatable for many. His ₹12 bus ticket said more than a rant ever could. UPI payment, no loose change There was more to this than the fare. Jain pointed out that BMTC's UPI option makes life easier. No awkward wait for coins. No hunting for change in the pocket. He also gave a nod to Switch Mobility's electric buses . Comfortable enough, he said. A slight lag in acceleration did not bother him much. He figured it was down to shifting passenger weight. Bengaluru joins in The post caught on. Others began to chip in with their own stories. One user wrote, 'BMTC has been my primary mode for the last 1 year. Other than the sudden acceleration or braking, no complaints. No issue with frequency (500D), and no last-mile connectivity issues either.' Someone else shared, 'Use the Namma BMTC app for live tracking. It's not perfect, but it works. Pair it with UPI and you're sorted.' Another liked Jain's small stand, saying, 'I like how you don't waste money on simple things. It's not just about saving ₹100- ₹150, it's about staying grounded in the roots we come from.' Of course, not everyone clapped along. One user poked fun at Jain's scooters. 'Same way we don't want to waste money on your scooters that stop when there's a pillion rider. You call that derating? Hilarious!' the user said. Someone found fault with the buses too. 'Why can't the floor be flat? Too many steps inside, feels like climbing into an auditorium,' read another reply. Others dropped tips. 'You can get daily passes through the Tummoc app too. Also, airport buses on the BMTC app are really accurate.' Under it all, this was not only about a short bus ride. Jain's post pulled out an old complaint Bengaluru commuters share quietly every day. Auto fares that feel random. The relief when the bus turns up on time. Small fixes like paying through an app. 'Needed a rick in the rain, guess who's charging Rs 175 for 3 km? Rapido!' another user added, showing this is not one man's story. Swapnil Jain's choice to spend twelve rupees instead of one seventy-five will not overhaul Bengaluru's transport overnight. But it has pushed a simple idea back into the open. Sometimes a bus ride is worth more than it costs. And a small protest can make people pause and think before hailing the next pricey rick.
India Today
28 minutes ago
- India Today
India, US close to finalising jet engine co-production deal for fighter aircraft
India and the United States are moving closer to finalising the much-anticipated deal for the co-production of GE-414 jet engines, defence officials informed India agreement is expected to be signed by the end of this financial year. Once inked, the deal will mark a significant step forward in India's aim to become a leading jet engine manufacturer in the coming GE-414 engines are set to power the upcoming LCA Mark 2 fighter jets, which are expected to be inducted into the Indian Air Force (IAF) within the next four years. The deal has faced delays due to prolonged discussions between Hindustan Aeronautics Limited (HAL) and US-based GE Aerospace. Under the agreement, the engines will be manufactured in India, contributing to the country's self-reliance on defence a parallel development, India received the second GE-404 engine from the US on Monday for the LCA Mark 1A programme. The engine was handed over to HAL, which is set to receive 12 more GE-404 engines by the end of the financial engines will power the LCA Mark 1A aircraft, for which the IAF has already placed an order for 83 units. A proposal to procure 97 additional fighters is also in an advanced stage of this year, GE Aerospace delivered the first of 99 F404-IN20 engines to HAL for the same programme. HAL is now working to integrate these engines into the Mark 1A jets and aims to deliver more than 10 aircraft to the IAF reviews of the project continue, with Principal Secretary to the Prime Minister PK Misra recently visiting HAL's Bengaluru facility to assess progress on both the LCA Mark 1A and Mark 2 LCA Mark 2 is envisioned to replace the aging Mirage 2000, Jaguar, and MiG-29 fleets by around 2035. In the next decade, India aims to manufacture over 400 LCA jets powered by variants of GE engines.- EndsTune InMust Watch
