Travel Food Services IPO subscribed 14% on day 2; Check GMP, price band and key details
ADVERTISEMENT According to exchange data, the IPO received bids for 18.33 lakh shares against the 1.34 crore shares on offer. The retail investor portion was subscribed 18%, while the Qualified Institutional Buyers (QIBs) category was at 7%, and Non-Institutional Investors (NIIs) at 11%. The employee quota saw a healthier 49% subscription.
In the unlisted grey market, shares of Travel Food Services were trading at a premium of Rs 16, indicating a modest listing gain of 1.45% over the issue's upper price band of Rs 1,100. Based on this, the estimated listing price is pegged at Rs 1,116.
Ahead of the public issue, the company raised Rs 599 crore from anchor investors by allocating 54,43,635 equity shares at Rs 1,100 apiece on Friday, July 4.
Notable anchor investors include ICICI Prudential Mutual Fund, Abu Dhabi Investment Authority, Axis Mutual Fund, Kotak Mutual Fund, HDFC Life Insurance, Fidelity, SBI General Insurance, and Tata AIA Life Insurance, among others.
ADVERTISEMENT The company has set the price band for the IPO at Rs 1,045 to Rs 1,100 per share. The issue is a 100% offer for sale (OFS), with no fresh equity being issued.Investors can place bids for a minimum of 13 equity shares and in multiples of 13 thereafter.
ADVERTISEMENT As per the offer structure, 50% of the issue is reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs).Promoted by UK-based SSP Group plc and the Kapur Family Trust, Travel Food Services operates India's largest airport food and lounge network, with 413 outlets, of which 384 are located at airports across 14 Indian cities. It also runs 37 airport lounges, including 28 private ones, making it the largest lounge operator in India.
ADVERTISEMENT The company also operates internationally at three airports—two in Malaysia and one in Hong Kong.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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