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Time of India
31 minutes ago
- Time of India
Vandan Foods IPO to list today. Check GMP ahead of debut
Vandan Foods is set to make its debut on the BSE SME platform on July 7 following the conclusion of its Rs 30.36 crore IPO. The IPO has seen no traction in the grey market, with its GMP at Rs 0 ahead of listing. The IPO, priced at Rs 115 per share, consisted entirely of a fresh issue of 26.40 lakh shares. Retail investors showed notable interest, leading to a 3.09 times subscription in the retail category, while the overall subscription stood at 1.75 times. However, the HNI portion remained underwhelming at just 0.41 times. The Rajkot-headquartered company is engaged in the manufacture of refined castor oil (First Stage Grade) and castor de-oiled cake, catering to both domestic and agricultural industries. Its operations span across Gujarat and other Indian states including Haryana, Andhra Pradesh, Bihar, and Telangana. Proceeds from the IPO are earmarked for working capital requirements, debt repayment, and capacity expansion at its Dhinoj facility in Gujarat. In terms of financials, Vandan Foods reported a sharp rise in revenue and profits in FY24 and the nine-month period ending December 2024. Revenue jumped to Rs 72.66 crore while PAT surged to Rs 4.54 crore, reflecting the company's operational scale-up. Given the lack of listing premium and moderate response from institutional and HNI categories, listing day gains, if any, may be limited and largely sentiment-driven. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
an hour ago
- Economic Times
Rebel Foods explores stake sale in premium chocolate brand Smoor
ETtech (L-R) Kallol Banerjee, Jaydeep Barman, founders, Rebel Foods Cloud kitchen operator Rebel Foods, which owns brands such as Faasos and Behrouz Biryani, has held discussions to sell its stake in premium chocolate and dessert maker Smoor, said people briefed on the a related move aimed at restructuring operations, Rebel Foods has closed its offices in Gurugram and Bengaluru. One of the persons said Rebel Foods, which owns around 57% of Smoor, has been looking for a buyer but those talks have yet to fructify. The people cited above said Smoor's business has lagged expectations, particularly in key markets like Mumbai and with Rebel Foods preparing for a potential public listing, there is growing pressure to offload underperforming to ET's queries, a Rebel Foods spokesperson said the company continues to back Smoor and has been investing in its long-term growth. 'Over the past six months, we have made significant long-term investments in Smoor, including the commissioning of a new state-of-the-art manufacturing facility,' the spokesperson closing its offices, the spokesperson said, 'Our decision to consolidate teams in Mumbai is a strategic step towards deeper collaboration and faster decision-making as we enter the next phase of growth'.Rebel Foods had acquired a majority stake in Smoor in April 2022, valuing the brand at over $50 million. The acquisition was part of a broader strategy to evolve into a full-fledged brand aggregator in the food and beverages (F&B) space and invest up to $150 million to acquire and invest in brands , but the company did not comment on how much of that amount has been deployed. At the time, Rebel said Smoor aims to grow threefold in FY23, and touch $100 million in annual revenue by 2026. In FY24, Smoor reported a 16% increase in revenue at Rs 149 crore, showed financials sourced from Tracxn. The brand however continued to face increased losses. It reported a net loss of Rs 19 crore in FY24, widening from Rs 17 crore in fiscal 2023 and Rs 10 crore in FY22. Overall, Rebel Foods, which closed a $210 million funding round led by Singapore's sovereign fund Temasek at a flat valuation in December, improved its financial health in FY24 though it continued to incur losses. According to Registrar of Companies (RoC) filings, the Mumbai-based company's net loss contracted 42% to Rs 378 crore in FY24 while revenue increased 19% to Rs 1,420 latest moves indicate Rebel's attempt to streamline operations and sharpen its focus ahead of a possible market debut, even as questions linger about the performance of some of its premium bets, one of the persons Foods' rival Binny Bansal-backed Curefoods last month filed draft papers for its proposed Rs 800 crore initial public offering (IPO). Curefoods, the operator of brands such as EatFit, Sharief Bhai Biryani, Nomad Pizza and Krispy Kreme, is the second largest internet-first cloud kitchen company after Rebel a LinkedIn post on Sunday, Rebel Foods founder and CEO Jaydeep Barman wrote that the company is planning to acquire, invest in or partner with restaurant brands that have achieved a 'minimum scale'. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Did Jane Street manipulate Indian market or exploit its shallowness? Just before the Air India crash, did India avert another deadly mishap? How Balrampur Chini, EID Parry are stirring up gains amid melting sugar stocks Second only to L&T, but controversies may weaken this infra powerhouse's growth story Stock Radar: Poly Medicure stock looks attractive for short-term gains; still down 30% from highs Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 29% in 1 year Capital market stocks: Some corrections are opportunities, 5 stocks with potential downside to upside from -20% to +24% Skepticism & multibaggers: 15 stocks where element of skepticism is high, need is basic & now policy direction is right
Economic Times
2 hours ago
- Economic Times
Is Travel Food Services' IPO a risky bet for investors?
Travel Food Services plans to raise ₹2,000 crore through an IPO, reducing promoter stake to 86.2%. The company has shown steady revenue and profit growth, with a strong presence in airport QSR and lounge sectors. However, it faces high revenue concentration from top airports and dependence on passenger traffic, making it suitable for high-risk investors. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ET Intelligence Group: Travel Food Services (TFS), which operates quick service restaurants (QSR) and lounges in airports, plans to raise ₹2,000 crore through an offer for sale. The public issue will reduce the promoter group's stake to 86.2% from 100%. The company's revenue and net profit has steadily increased in the past two years. It has negative working capital days as it gets paid from customers upfront and enjoys a period of credit while paying creditors. About 86% of its revenue comes from the top five airports, signalling high concentration. Also, its entire business is dependent on passenger traffic at airports. Considering these factors, investors with high-risk appetite may consider the in 2007, Mumbai-headquartered TFS operates a travel QSR and lounge business across airports in India, Malaysia and Hong Kong. The company also has outlets at select highway sites in India. Based on FY25 revenue, the company holds around 26% share in the Indian airport travel QSR sector and 45% in the Indian airport lounge sector, according to a Crisil report. Travel QSR business comprises a range of food and beverages (F&B) across cuisines and brands. The lounge business comprises designated areas within airport terminals, accessible primarily by first and business class passengers, members of airline loyalty programmes, select credit card and debit card holders, and members of other loyalty programmes. The company operates 442 travel QSR outlets and 37 lounges. It has 37 in-house brands and 90 brand partners, out of which 32 are international brands. From 2009 until March 2025, the company has maintained a contract retention rate of 93.9%.Revenue from operations and net profit grew 26% and 23% annually to ₹1,687.7 crore and ₹1,067.2 crore between FY23 and FY25. Similarly, earnings before interest, taxes, depreciation, and amortisation (Ebitda) grew by 21.5% to ₹676.3 crore. Ebitda margin declined to 40.1% in FY25 from 42.9% in FY23. Like-for-like (LFL) sales growth drastically dropped to 4.6% in FY25 from 166.6% in FY23. This is because the launch of new terminals attracts passenger traffic away from old terminals, which affects LFL growth. Hence, LFL growth may not be an apt parameter to capture the company's growth the post-IPO equity and net profit for FY25, the company demands a price-earnings (P/E) multiple of up to 38. It does not have a direct publicly listed airport QSR peer. Some of the other QSR chains are not profit making, which makes their P/Es incomparable. On the price-sales front, TFS is demanding a multiple of eight compared with P/S between two and eight for peers including Jubilant Foodworks Devyani International , and Sapphire Foods
