
Travel Food Retailer SSP Sees Debut Indian IPO Decline In Value
The share price of U.K.-listed global food and beverage (F&B) travel retailer SSP Group, has been flat today (at 3 p.m. BST), following the first day's trading of its Indian joint venture—Travel Food Services Limited (TFS)—on two Indian exchanges; the BSE (formerly the Bombay Stock Exchange) and the National Stock Exchange (NSE).
The share price of the JV with India's K Hospitality Corp, a brand of the Kapur Family Trust, opened at 1,125 Indian Rupees ($13.08) and closed at 1,075 ($12.50), down 4.5% (source: NSE). It means the company's valuation (market capitalization) dropped by about $78 million to $1.7 billion at the closing bell.
Despite being almost three times oversubscribed, TFS saw soft retail interest today, even with the claim of being 'the leading player' in the airport travel quick-service restaurant and lounge sectors in India. However, just five airports account for over 85% of TFS's revenue from these two sectors, pushing up the risk factor. While institutions might like the strategic positioning in India's burgeoning aviation market, retail investors are perhaps waiting to come in at a lower price.
Until last summer, the company operated just under 400 outlets across 14 airports in India—mostly at its largest gateways—and three airports in Malaysia. In addition, a new lounge was opened in Hong Kong in July 2024.
SSP prepares for next stage of Indian growth
SSP first took an approximate one-third stake in TFS in March 2017 before raising it to 49% pre-pandemic, and at IPO, 50.01%. Varun Kapur, managing director and CEO of TFS, said that, since the JV was established, it had built up 'a significant position' in the fast-growing Indian travel market.
Downwards: TFS's share price on opening day.
Domestic air traffic last year soared to over 161 million passengers, up 6% according to India's Directorate General of Civil Aviation, which might have been reason enough in some quarters to make this a worthwhile investment. The first-day setback did not faze Kapur, who said: 'The IPO today sets us up for our next stage of growth… as we begin a new chapter for the company.'
SSP, which runs restaurants, bars, and cafes in travel locations across 38 countries, utilizing a mix of international, national, and local brands, is committed to TFS for a while yet, and probably in the longer term, given the unrealized potential of the Indian market.
India is key to SSP's profitability
Patrick Coveney, CEO of SSP Group, said: 'We look forward to continuing to partner with K Hospitality to support TFS post-listing. We believe that the market potential in India, combined with TFS's economic model and market leadership, provides a compelling opportunity to deliver growth and returns for the group.' The group has made India one of four target markets, the others being Australia, the United Arab Emirates, and Saudi Arabia, as continental Europe has performed below expectations.
SSP, which is opening the first Popeyes at British airports this summer, operates across six formats: sit-down and quick-service restaurants, bars, cafés, lounges, and food-led convenience stores. The company's geographical split would benefit from more Indian involvement. Based on the 2024 financial year, the Indian rupee made a 5% currency contribution to sales and a whopping 22% share of operating profit. This compares with the biggest sales contributor, the Euro at 29%, but only delivering 10% of operating profit.
For more stories on SSP, follow this link.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Upturn
an hour ago
- Business Upturn
Sharda Cropchem Q1 results: Revenue up 26% YoY to Rs 958 crore, net profit jumps over 424%
Sharda Cropchem reported its Q1 Results, showcasing a sharp turnaround in profitability and healthy growth in revenue. The company posted a net profit of Rs 143 crore for the quarter ended June 30, 2025, a significant jump from Rs 27 crore in the same period last year. Revenue from operations rose 26% year-on-year to Rs 958 crore, compared to Rs 785 crore in Q1 FY25. The strong performance was driven by improved operational efficiencies and favorable foreign exchange movements. The company recorded a forex gain of Rs 73 crore in Q1 FY26, as against a loss of Rs 8 crore in the previous year. EBITDA for the quarter stood at Rs 216 crore, rising sharply from Rs 77 crore YoY, while EBITDA margin improved to 21.9% from 9.8% last year. This substantial margin expansion highlights Sharda Cropchem's operational leverage and prudent cost management amid rising input costs. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.


CNBC
an hour ago
- CNBC
How the India-UK trade deal might affect domestic Indian spirits companies
Paul John, chairman of John Distilleries, one of India's leading spirit companies, comments on the India-U.K. trade deal and how India's bilateral trade agreements will affect the domestic spirits and alcohol sector.
Yahoo
3 hours ago
- Yahoo
Is it safe to travel to Thailand and Cambodia? Foreign Office issue updated advice after border clashes
Relations between Thailand and Cambodia have deteriorated over the past week, with the two countries exchanging fire across several disputed border zones on Thursday, 24 July. The Thai health ministry said 14 civilians and a soldier had been killed in the fighting so far and 46 people wounded. The Cambodian government did not provide any such details but an provincial official in Oddar Meanchey said a civilian had been killed and five wounded. Tensions have run high between the two countries since a soldier was killed during gunfire in a disputed border area in late May, only to escalate again earlier this week after Thailand accused Cambodia of laying landmines in a disputed territory. Both countries attract large numbers of tourists each year, with Cambodia's Angkor Wat temple complex and its capital Phnom Penh major draws, while Thailand sees many visitors in cities like Bangkok and Chiang Mai, along with islands such as Phuket and Koh Samui. While these hotspots are not located near the border clashes, tourists should be aware of the closure of the crossings between the two countries as tensions escalate. Read more: Thailand-Cambodia border clash latest Where have clashes occurred? Gunfire began early on Thursday morning near the ancient Prasat Ta Moan Thom temple, found along the border between Thailand's Surin province and Cambodia's Oddar Meanchey. Both sides accused the other of firing the first shots, initiating the attack. Further clashes were reported near the Prasat Ta Krabey site and along the border separating Cambodia's Preah Vihear province and Thailand's Ubon Ratchathani. Footage in Thailand showed civilians fleeing explosions and seeking shelter in concrete bunkers. Cambodian Prime Minister Hun Manet claimed Thailand had targeted Cambodian military positions in multiple places. One of Thailand's six F-16 fighter jets launched an attack, destroying what Thai officials described as a Cambodian military target. Has the shared border closed? Thailand has ordered the closure of all the crossings along its 817km border shared with Cambodia, areas of which are undemarcated. What is the UK government's advice? In its travel advice for Cambodia, the UK's Foreign, Commonwealth & Development Office (FCDO) confirmed the border's closure. 'Land borders/crossings between Cambodia and Thailand are temporarily suspended,' it wrote in an update on Thursday. 'The line of the international border near the Preah Vihear temple ('Khaoi Pra Viharn' in Thai) has been in dispute between Cambodia and Thailand, with occasional clashes between Cambodian and Thai troops. 'There have also been disputes over control of the Ta Moan and Ta Krabey temples, which are close to the Cambodia-Thailand border. 'Take extra care when travelling in this area, and follow the instructions of the local authorities.' The FCDO travel advice for Thailand says the same about the border crossing, but adds: 'Take extra care and stay alert in border areas and follow the instructions of local authorities, especially at tourist destinations such as the Preah Vihear temple, the Ta Kwai temple and the Ta Muen Thom temple. 'There are also unexploded landmines in the border area. Stay on marked paths, especially around Ta Krabey.' Separately, the FCDO advises against all but essential travel to parts of the south, near the Thailand-Malaysia border, including the Pattani Province, Yala Province, Narathiwat Province and southern Songkhla Province – south of the A43 road between Hat Yai and Sakom, and south of the train line which runs between Hat Yai and Padang Besar. FCDO also advises against all but essential travel on the Hat Yai to Padang Besar train line that runs through these provinces. Can I cancel my holiday? As the FCDO has not warned against non-essential travel to Thailand or Cambodia, there will be no special circumstances in place to be able to cancel a trip for a full refund. The conditions for cancelling your trip will be dependent on your holiday provider, so it's best to contact them if you're looking to postpone. There is no obligation for companies to refund bookings if you want to cancel, and you will not be able to claim on your travel insurance due to safety concerns unless government advice changes. Check your insurance policies and speak to your insurer to see where you the daily Crossword