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Mint
3 days ago
- Business
- Mint
Travel Food Services IPO opens on July 7: Check out 10 key things to know from RHP before investing
Travel Food Services IPO date of subscription is scheduled for Monday, July 7, and will close on Wednesday, July 9. Travel Food Services IPO price band has been fixed in the range of ₹ 1,045 to ₹ 1,100 per equity share of the face value of Re 1. The allocation to anchor investors for the Travel Food Services IPO is scheduled to take place on Friday, July 4. Travel Food Services IPO has allocated 50% of the shares in the public offering for qualified institutional buyers (QIB), at least 15% for non-institutional investors (NII), and no less than 35% of the offering is set aside for retail investors. The portion reserved for employees has been capped at ₹ 40 million. The upcoming IPO consists entirely of an offer-for-sale (OFS) of shares worth ₹ 2,000 crore from the Kapur Family Trust, the promoter of the offering. This opportunity includes reserved options for eligible employees to participate in the subscription. The Kapur Family Trust operates within the K Hospitality brand, which oversees and invests in various businesses in the hospitality and food service industries, including Travel Food Services. Given that this IPO is exclusively an OFS, the company will not receive any funds from this offering, and all proceeds will go to the selling shareholder. The merchant bankers handling the Travel Food Services IPO are Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities, and Batlivala & Karani Securities India. Travel Food Services IPO GMP is +92. This indicates Travel Food Services share price were trading at a premium of ₹ 92 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Travel Food Services share price was indicated at ₹ 1,192 apiece, which is 8.36% higher than the IPO price of ₹ 1,100. Here are 10 key things from the Red Herring Prospectus (RHP) that investors might want to know before subscribing to the issue. The promoters of the company include SSP Group plc, SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited, the Kapur Family Trust, Karan Kapur, and Varun Kapur. Collectively, these promoters own a total of 131,679,484 equity shares with a face value of ₹ 1 each, representing 100.00% of the company's issued, subscribed, and paid-up equity share capital. According to the red herring prospectus (RHP), among the comparable companies are Jubilant FoodWork Ltd, which has a P/E of 205.81, Devyani International Ltd with a P/E of 2,097.13, Sapphire Foods India Ltd at a P/E of 548, and Westlife Foodworld Ltd, which has a P/E of 955.26, along with Restaurant Brands Asia Ltd. The firm stands out as a prominent entity in the rapidly expanding Indian airport travel quick service restaurant (Travel QSR) and lounge markets, as indicated by revenue figures for fiscal 2025. According to the CRISIL Report, its revenue-based market share is approximately 26% within the Indian airport travel QSR sector and around 45% in the Indian airport Lounge sector for fiscal 2025, which includes contributions from Associates and Joint Ventures. India is projected to sustain strong growth in both domestic and international air passenger traffic, with domestic air passenger numbers expected to grow at a CAGR of 8% to 9% and international air passenger traffic at a CAGR of 6% to 8% from Fiscal 2025 to Fiscal 2034. Moreover, the growth in air passenger traffic in India is being driven by the economic accessibility of air travel made possible by low-cost carriers (LCCs). The proportion of LCCs in domestic air passenger traffic has risen from 66% in Fiscal 2016 to 78% in Fiscal 2024, and stands at approximately 75% for the six months ending September 30, 2024. Travel Food Services has demonstrated robust financial results over the past few years, with profits in fiscal 2025 increasing by 27.4% to ₹ 379.7 crore, and revenue rising by 20.9% to ₹ 1,687.7 crore compared to the previous year. Leading player in the Travel QSR and Lounge sectors in Indian airport. Strong expertise in operating and handling the distinct challenges of F&B in the operationally complex and highly secure airport environment. Proven and established track record of long-term working relationships with airport operators. Diversified portfolio of partner F&B brands franchised from high-quality brand partners and inhouse F&B brands. Deep understanding of traveller preferences with a focus on delivering a quality customer experience. Experienced management team, supported by our synergistic partnerships with SSP and K Hospitality. The firm manages a Travel QSR and a Lounge operation, with locations in airports across India, Malaysia, and Hong Kong. These operations are conducted both directly and through their Associates and Joint Ventures. Additionally, they run Travel QSRs at specific highways in India. The firm's group companies include Deluxe Caterers Private Ltd, Global Kitchens Private Ltd, GMR Hospitality Ltd, Kapco Banquets and Catering Private Ltd, Mumbai Airport Lounge Services Private Ltd, Semolina Kitchens Private Ltd, Select Service Partner Malaysia Sdn Bhd, Select Service Partner UK Ltd, SSP Financing UK Ltd, SSP TFS HK Lounge Ltd, Tabemono True Aromas Private Ltd, The Irish House Food and Beverages Private Ltd, Travel Food Works Private Ltd, and Travel Retail Services Private Ltd. Some of the key risks are as follows; The Travel QSRs and Lounges at the leading five airports accounted for 85.94%, 88.36%, and 90.29% of the firm's operational revenue for the fiscal years 2025, 2024, and 2023, respectively. The termination of their concession agreements or a decline in passenger traffic at these airports could significantly affect their revenue. The company's growth may be negatively impacted by changes in the operating models of their airport operators, potentially decreasing their profit share resulting from the relevant concession agreements with those operators. A lock-in period of 90 days will apply to 50% of the equity shares allocated to the anchor investors starting from the date of allotment, while the other 50% of the equity shares allotted to the anchor investors will have a lock-in period of 30 days from the date of allotment. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
4 days ago
- Business
- Mint
HDB Financial Services Share Price Live: Stock makes a strong debut, opens with 12.84% premium at ₹835 on NSE
Shares of the HDB Financial Services Ltd, a subsidiary of HDFC Bank, will make its debut in the Indian stock market today. HDB Financial Services IPO listing is scheduled at 10:00 IST on the bourses today (Wednesday, July 2). HDB Financial Services shares will be a part of Special Pre-open Session (SPOS), as per BSE notice. Experts predict that the HDB Financial Services IPO expected listing price to have a healthy 8–10% listing gain, reflecting strong investor appetite. HDB Financial Services IPO allotment status was finalised on Monday, June 30. Ahead of the HDB Financial Services IPO listing, HDB Financial Services IPO GMP today is +65. This indicates HDB Financial Services share price was trading at a premium of ₹ 65 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of HDB Financial Services share price is indicated at ₹ 805 apiece, which is 8.78% higher than the IPO price of ₹ 740. HDB Financial Services IPO opened for subscription on Tuesday, June 24, and closed on Thursday, June 26. HDB Financial Services IPO subscription status on the last bidding day was 16.69 times. The company fixed a price band of ₹ 700 to ₹ 740 per share for its IPO. HDB Financial Services is recognized as the seventh largest diversified retail-centric non-banking financial company (NBFC) in India, with a total gross loan portfolio of ₹ 902.2 billion as of March 31, 2024, among its peers in the NBFC sector, according to the CRISIL Report. The Reserve Bank of India (RBI) categorizes the company as an Upper Layer Non-Banking Financial Company (NBFC-UL). The NBFC offers a wide array of lending products tailored to cater to the growing needs of its customer base through a comprehensive omni-channel distribution network. HDFC Bank owns a 94.3% share in HDB Financial prior to the IPO. According to Tarun Singh, the 13% listing premium strikes a measured note, respectable without being euphoric, much like HDB Financial itself. The market appears to have carefully weighed its dual proposition, the stability of HDFC lineage against the challenges of a maturing NBFC sector. Moving forward, HDB Financial Services ability to translate its parentage into consistent returns will determine whether today's listing proves to be a starting point or a peak. For now, it stands as a thoughtful addition to India's financial services landscape neither revolutionary nor disappointing, but importantly, credible. Prashanth Tapse advises that those who did not receive any allotment may consider accumulating on any post-listing corrections, particularly during short-term volatility triggered by broader market movements. As we see HDB Financial Services offers a value-driven opportunity with both defensive and growth characteristics, best suitable for investors with a 3–5 year investment horizon. Prashanth Tapse, Research Analyst, Mehta Equities Ltd stated that Listing was in line with our expectations, reflecting strong investor appetite. The IPO garnered over ₹ 1.61 lakh crore in bids, underscoring massive institutional and retail interest. This makes HDB's offering the second most subscribed IPO among ₹ 10,000+ crore issues, trailing only the record-breaking Tata Technologies listing. However, it did fall short of surpassing the all-time high ₹ 3 lakh crore+ subscription seen in the Bajaj Housing Finance IPO. Given the healthy listing prevailing bullish sentiment in the market, we recommend holding the stock for the long term, as HDB Financial Services is strategically positioned to benefit from India's structural credit growth, especially within the retail and SME financing segments. According to Bhavik Joshi, Business Head, INVasset PMS, HDB Financial's market debut, though modest with a 12% premium , reinforces the market's calibrated optimism. The strong QIB interest and overall 17x subscription had built expectations of a sharper pop, but the pricing at 3.8x FY25 book likely capped short-term upside. That said, the company's HDFC lineage, granular loan book, and improving asset quality metrics continue to make it a structurally sound NBFC play. In the current rate-easing environment, where cost of funds could gradually soften, HDB's lending spread visibility and low net NPA profile remain its key strengths. The muted retail response during the IPO may reverse over time as earnings stability becomes evident in quarterly prints. Post-listing, the stock may see institutional accumulation on dips, but for long-term investors, this listing is less about day-one pop and more about participating in a high-quality compounder in India's formal credit cycle. The promoter of the company is HDFC Bank Limited. As of the date of this Red Herring Prospectus, the promoter possesses 750,596,670 equity shares with a face value of ₹ 10, representing 94.04% of the company's pre-Offer issued, subscribed, and paid-up equity share capital (on a fully diluted basis). As of the date of this Red Herring Prospectus, the Board consists of nine Directors, including one Executive Director and eight Non-Executive Directors, of which seven are Independent Directors (including two female Independent Directors). The Emkay report highlighted a significant regulatory risk. The draft circular from the RBI released in October 2024 suggests that banks and their subsidiaries should not engage in overlapping business activities. If this is enacted, it could require HDFC Bank to lower its ownership in HDB Financial Services to under 20% within a designated period, which might influence the company's strategic approach. In spite of this challenge, Emkay is confident that HDB Financial Services, with its robust fundamentals, stable leadership, and consistent financial results, is positioned for a gradual increase in market valuation. Brokerage Emkay anticipates that HDB Financial Services will exhibit a 20% compound annual growth rate (CAGR) in assets under management (AUM) and a 27% CAGR in earnings per share (EPS) from FY25 to FY28, fueled by its robust origination network, improved capital adequacy following its IPO, and a favorable interest rate climate. With the Reserve Bank of India (RBI) likely to implement early repo rate reductions, net interest margins (NIMs) are expected to increase, thereby enhancing profitability. The brokerage forecasts that HDB Financial Services will reach return on assets (RoA) and return on equity (RoE) of 2.7% and 17%, respectively, by FY28. The company's significant operating expenses, arising from its direct origination model, are anticipated to be balanced by relatively higher net yields. HDB Financial Services share price made a bumper debut on the bourses today. On NSE and BSE, HDB Financial Services share price opened at ₹ 835 per share, 12.84 % higher than the issue price of ₹ 740. The IPO consists of a fresh issue of ₹ 2,500 crore along with an offer for sale of ₹ 10,000 crore from HDFC Bank. The net proceeds are intended to be used to enhance the company's Tier-I Capital base, allowing them to fulfill future capital needs for their various business segments, including Enterprise Lending, Asset Finance, and Consumer Finance. These needs are anticipated to emerge from the growth of the company's operations and assets, and to maintain adherence to the capital adequacy regulations established by the RBI as they may evolve. Highly granular retail loan book, bolstered by a large and rapidly growing customer base with a focus on serving the underbanked customer segments. Large, diversified and seasoned product portfolio with a sustainable track record of diversification, growth and profitability through the cycles. Tailored sourcing supported by an omni-channel and digitally powered pan-India distribution network. Comprehensive systems and processes contributing to robust credit underwriting and strong collections. Advanced technology tools driving enhanced customer experience and efficiency across each stage of the customer lifecycle. High-quality liability franchise with access to low cost, diversified borrowing sources and the highest credit rating. Distinguished parentage of HDFC Bank, India's largest private bank, enjoying strong trust and brand equity with consumers. According to the red herring prospectus (RHP), the company's competitors include Bajaj Finance Ltd (with a P/E of 34.3), Sundaram Finance Ltd (with a P/E of 28.1), L&T Finance Ltd (with a P/E of 17.9), Mahindra & Mahindra Financial Services Ltd (with a P/E of 14.5), Cholamandalam Investment and Finance Company Ltd (with a P/E of 31.4), and Shriram Finance Ltd (with a P/E of 13.0). According to Bhavik Joshi, Business Head, INVasset PMS, the current grey market premium suggests a potential 9–11% listing pop. That said, post-listing performance will depend on sustained earnings visibility, credit cost control, and how the broader NBFC sector fares in a softening rate cycle. Investors should approach tomorrow's listing with measured optimism, viewing it as a gateway to long-term participation in India's evolving credit ecosystem. Ahead of the share listing of HDB Financial Services today, Emkay Global Financial Services has started coverage on the company with an optimistic outlook, giving it a 'Buy' rating and setting a target price of ₹ 900 per share for June 2026. This suggests a possible gain of 22% from the IPO price. Emkay's positive stance is supported by HDB Financial Services' very diversified and granular lending portfolio, where the top 20 accounts account for only 0.34% of its assets under management (AUM). The firm serves more than 19 million customers and has an extensive geographical presence with 1,770 branches spread across 31 states and union territories. According to Prashanth Tapse, Research Analyst, Mehta Equities Ltd, after years of anticipation, HDB Financial Services is finally set to debut on the Indian stock exchanges, and early indicators point to a healthy 8–10% listing gain, reflecting strong investor appetite. The IPO garnered over ₹ 1.61 lakh crore in bids, underscoring massive institutional and retail interest. This makes HDB's offering the second most subscribed IPO among ₹ 10,000+ crore issues, trailing only the record-breaking Tata Technologies listing. However, it did fall short of surpassing the all-time high ₹ 3 lakh crore+ subscription seen in the Bajaj Housing Finance IPO.
Mint
24-06-2025
- Business
- Mint
HDB Financial Services IPO opens tomorrow: GMP, issue details, 10 key things to know
HDB Financial Services IPO opens for subscription on tomorrow (Wednesday, June 25). HDB Financial Services ranks as the seventh largest diverse retail-focused non-banking financial company (NBFC) in India, with a total gross loan book of ₹ 902.2 billion as of March 31, 2024, according to the CRISIL Report, among its NBFC competitors. The company's peers, as stated in the red herring prospectus (RHP), include Bajaj Finance Ltd (with a P/E of 34.3), Sundaram Finance Ltd (with a P/E of 28.1), L&T Finance Ltd (with a P/E of 17.9), Mahindra & Mahindra Financial Services Ltd (with a P/E of 14.5), Cholamandalam Investment and Finance Company Ltd (with a P/E of 31.4), and Shriram Finance Ltd (with a P/E of 13.0). HDB Financial Services provides a broad range of lending products designed to meet the needs of a diverse and expanding customer base through a comprehensive omni-channel distribution network. The company's lending offerings are divided into three business segments: Enterprise Lending, Asset Finance, and Consumer Finance. As of March 31, 2025, the NBFC's total gross loans reached ₹ 1,068.8 billion, indicating a compound annual growth rate (CAGR) of 23.54% from March 31, 2023, to March 31, 2025. Their assets under management amounted to ₹ 1,072.6 billion as of March 31, 2025, reflecting a CAGR of 23.71% during the same period, from fiscal 2023 to fiscal 2025. In fiscal 2025, the firm reported a profit after tax of ₹ 21.8 billion, showcasing a CAGR of 5.38% between fiscal 2023 and fiscal 2025. HDB Financial Services IPO date: The issue opens for subscription on Wednesday, June 25, and closes on Friday, June 27. HDB Financial Services IPO price band: The issue's price band has been fixed in the range of ₹ 700 to ₹ 740 per equity share of face value of ₹ 10. HDB Financial Services IPO lot size: The issue's lot size is 20 equity shares and in multiples of 20 equity shares thereafter. Anchor investors: The allocation to anchor investors for HDB Financial Services IPO is scheduled to take place today (Tuesday, June 24). HDB Financial Services IPO details: The IPO consists of a fresh issue of ₹ 2,500 crore along with an offer for sale of ₹ 10,000 crore from HDFC Bank. HDB Financial Services IPO Objective: The net proceeds will be utilised to strengthen the company's Tier-I Capital base, enabling it to meet forthcoming capital requirements across its diverse business sectors, such as Enterprise Lending, Asset Finance, and Consumer Finance. These requirements are expected to arise from the expansion of the company's operations and asset base, while also ensuring compliance with the capital adequacy regulations set by the RBI as they may change. HDB Financial Services IPO listing date and allotment details: Tentatively, the allocation of shares for the HDB Financial Services IPO will be determined on Monday, June 30. The company will begin issuing refunds on Tuesday, July 1, and the shares will be deposited into the demat accounts of those allotted shares on the same day after the refunds. HDB Financial Services shares are expected to make their debut on the BSE and NSE on Wednesday, July 2. Lead Manager and Registrar of HDB Financial Services IPO: JM Financial Limited, BNP Paribas, Bofa Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities & Capital Markets Pvt Ltd, IIFL Capital Services Limited, Jefferies India Private Limited, Morgan Stanley India Company Pvt Ltd, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, and UBS Securities India Private Limited serve as the book running lead managers for the HDB Financial IPO, while MUFG Intime India Private Limited (Link Intime) acts as the registrar for the offering. HDB Financial Services IPO reservation: HDB Financial Services IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee reservation portion has been reserved equity shares aggregating up to ₹ 200 million, and HDFC Bank shareholder reservation portion consists of equity shares aggregating up to ₹ 12,500 million. HDB Financial Services IPO GMP today: HDB Financial Services IPO GMP today is +73. This indicates HDB Financial Services share price was trading at a premium of ₹ 73 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of HDB Financial Services share price is indicated at ₹ 813 apiece, which is 9.86% higher than the IPO price of ₹ 740. According to the grey market activities observed in the last 12 sessions, the IPO GMP is currently on an upward trend and is anticipated to achieve a robust listing. The minimum GMP recorded is ₹ 0.00, while the maximum stands at ₹ 104.50, as reported by the expert from 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
16-06-2025
- Business
- Mint
Waterways Leisure Tourism IPO: Cordelia Cruises operator files DRHP to raise ₹727 crore via public offer
Upcoming IPO: Waterways Leisure Tourism, which operates Cordelia Cruises, has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the stock market regulator Securities and Exchange Board of India (SEBI). The Mumbai-based cruise operator, Waterways Leisure Tourism, is the only domestic ocean cruise operator in India as of December 31, 2024, as per a CRISIL Report. It operates the only domestic cruise line, Cordelia Cruises, mainly from Mumbai and Chennai. The company offers luxurious and inherently Indian experiences. Waterways Leisure Tourism intends to raise ₹ 727 crore via the initial share sale. Waterways Leisure Tourism IPO is entirely a fresh issue of shares of face value of ₹ 10. The offering by Waterways Leisure Tourism does not have any offer-for-sale component. This means all the funds raised from the share sale will be received by the company. Waterways Leisure Tourism plans to utilise the proceeds from the fresh issue to the extent of ₹ 552.53 crores for payment towards deposit and advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited ('Baycruise IFSC'). The rest of the amount from the planned raising of ₹ 727 crore will be utilised for general corporate purposes by Waterways Leisure Tourism. As per the DRHP filed by Waterways Leisure Tourism Limited, the registrar for its initial public offering, or IPO, is MUFG Intime India Private Limited, which formerly was also known as Link Intime India Private Limited. The book-running lead managers for IPO include Centrum Capital Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited.
Mint
16-06-2025
- Business
- Mint
Waterways Leisure Tourism IPO: Cordelia Cruises operator files DRHP to raise ₹727 crore via public offer
Upcoming IPO: Waterways Leisure Tourism, which operates Cordelia Cruises, has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the stock market regulator Securities and Exchange Board of India (SEBI). The Mumbai-based cruise operator, Waterways Leisure Tourism, is the only domestic ocean cruise operator in India as of December 31, 2024, as per a CRISIL Report. It operates the only domestic cruise line, Cordelia Cruises, mainly from Mumbai and Chennai. The company offers luxurious and inherently Indian experiences. Waterways Leisure Tourism intends to raise ₹ 727 crore via the initial share sale. Waterways Leisure Tourism IPO is entirely a fresh issue of shares of face value of ₹ 10. The offering by Waterways Leisure Tourism does not have any offer-for-sale component. This means all the funds raised from the share sale will be received by the company. Waterways Leisure Tourism plans to utilise the proceeds from the fresh issue to the extent of ₹ 552.53 crores for payment towards deposit and advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited ('Baycruise IFSC'). The rest of the amount from the planned raising of ₹ 727 crore will be utilised for general corporate purposes by Waterways Leisure Tourism. As per the DRHP filed by Waterways Leisure Tourism Limited, the registrar for its initial public offering, or IPO, is MUFG Intime India Private Limited, which formerly was also known as Link Intime India Private Limited. The book-running lead managers for IPO include Centrum Capital Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
