Muted Debut! Travel Food Services shares list at ₹1,125 on NSE, up just 2.27% from IPO 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.
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