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Forbes
14-07-2025
- Business
- Forbes
Travel Food Retailer SSP Sees Debut Indian IPO Decline In Value
Travel Food Services Limited (TFS), an SSP Group JV, debuted on two Indian exchanges today. 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.
Business Standard
14-07-2025
- Business
- Business Standard
Travel Food Services makes a decent debut
Shares of Travel Food Services were currently trading at Rs 1,101.10 at 10:13 IST on the BSE, representing a premium of 0.10% compared with the issue price of Rs 1,100. The scrip was listed at Rs 1,126.20, exhibiting a premium of 2.38% to the issue price. So far, the stock has hit a high of 1,128.90 and a low of 1,086. On the BSE, over 2.34 lakh shares of the company were traded in the counter so far. The initial public offer of Travel Food Services received was subscribed 2.88 times. The issue opened for bidding on 7 July 2025 and it closed on 9 July 2025. The price band of the IPO is fixed between Rs 1,045 and 1,100 per share. The IPO comprised an entire offer for sale (OFS) of 1,81,81,818 equity shares at a higher price band. The promoter family group (Kapur Family Trust) will be offloading shares worth Rs 2000 crore in the OFS. The offer provides reservation options for eligible employees to subscribe at a discount of Rs 104 per share. Travel Food Services (TFS) is an Indian airport travel quick service restaurant (Travel QSR) and lounge (Lounge). The companys F&B brand portfolio, comprising 127 partner and in-house brands, is in the operation of 442 Travel QSRs across India, Malaysia and Hong Kong. The travel QSR business comprises a range of curated food and beverage (F&B) concepts across cuisines, brands and formats, which have been adapted to cater to customers demands for speed and convenience within travel environments. TFS lounge business comprises designated areas within airport terminals, accessible primarily by first and business-class passengers, members of airline loyalty programs, select credit card and debit card holders and members of other loyalty programs. Ahead of the IPO, Travel Food Services on 4 July 2025 raised Rs 598.79 crore from anchor investors. The board allotted 54.43 lakh shares at Rs 1,100 each to 33 anchor investors. The firm reported a consolidated net profit of Rs 363.15 crore and sales of Rs 1,687.74 crore for the twelve months ended on 31 March 2025.
Reuters
14-07-2025
- Business
- Reuters
India's Travel Food Services opens lower on debut, valued at $1.67 billion
July 14 (Reuters) - Shares of Indian airport restaurant and lounge operator Travel Food Services ( opens new tab fell in their trading debut on Monday, securing a valuation of $1.67 billion, as uncertainties over trade negotiations with the U.S. weighed on sentiment. The shares were trading 1% lower as of 10:23 a.m. IST. They opened at 1,125 rupees on the National Stock Exchange, compared with offer price of 1,100 rupees. Travel Food Services, a joint venture between UK-based SSP Group (SSPG.L), opens new tab, and India's K Hospitality Corp, runs restaurants such as Jamie Oliver's Pizzeria, Krispy Kreme and KFC at 18 airports across India, Malaysia and Hong Kong, as well as 37 lounges. Analysts say IPO demand is influenced by overall market sentiment. India's equity benchmarks, Nifty 50 (.NSEI), opens new tab and BSE Sensex (.BSESN), opens new tab eased on the day, as investors were on the edge due to uncertainty over a trade deal with the U.S. with disagreements over duties for auto components, steel and farm goods. The Travel Food Services IPO was an offer for sale, with its largest shareholder, the Kapur Family Trust, offloading a stake worth 20 billion rupees, or 13.81%, at the top end of the price band. ($1 = 85.9400 Indian rupees)
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Business Standard
11-07-2025
- Business
- Business Standard
Travel Food Services IPO listing on July 14: Here's what latest GMP signals
Travel Food Services IPO listing forecast: Shares of travel quick-service restaurant provider Travel Food Services are set to make their D-Street debut on Monday, July 14, following the completion of their initial public offering (IPO). Ahead of their debut, the unlisted shares of Travel Food Services were commanding a muted premium in the grey markets. Sources tracking unofficial market activity revealed that the company's shares were changing hands at around ₹1,108 each, implying a grey market premium (GMP) of ₹8 or approximately 0.73 per cent over the IPO issue price of ₹1,100. The current GMP trends indicate a lacklustre listing for Travel Food Services shares on the bourses. Should the current grey market trends sustain, Travel Food Services shares may list at around ₹1,108 apiece. That said, since the GMP is an unregulated and unofficial indicator, it should not be considered a reliable measure of the company's actual market performance. Travel Food Services IPO details The public offering of Travel Food Services, estimated at ₹2,000 crore, comprised an entirely offer-for-sale (OFS) with the company's promoter, Kapur Family Trust, divesting up to 18.2 million equity shares. It was available for subscription from Monday, July 7, 2025, till Wednesday, July 9, at a price band of ₹1,045–1,100 per share and a lot size of 12 shares. Travel Food Services IPO received a decent response from investors, being oversubscribed 2.88 times, according to NSE data. Travel Food Services will not receive any proceeds from the public issue. 'All offer proceeds will be received by the promoter selling shareholder after deduction of offer-related expenses and relevant taxes thereon, to be borne by the promoter selling shareholder,' said the company in its Red Herring Prospectus (RHP). About Travel Food Services Travel Food Services runs airport quick-service restaurants and lounges. With 397 locations across India and Malaysia, the company offers a range of food and beverage options. Its lounges serve premium passengers, loyalty program members, and select cardholders. Travel Food Services operates in 17 airports, including major hubs like Delhi, Mumbai, Bengaluru, and Chennai.
Business Standard
10-07-2025
- Business
- Business Standard
Travel Food Services IPO ends with 2.88x subscription
The offer received bids for 3.86 crore shares as against 1.34 crore shares on offer. The initial public offer of Travel Food Services received bids for 3,86,35,766 shares as against 1,34,12,842 shares on offer. The issue was subscribed 2.88 times. The Qualified Institutional Buyers (QIBs) category was subscribed 7.70 times. The Non-Institutional Investors (NIIs) category was subscribed 1.58 times. The Retail Individual Investors (RIIs) category was subscribed 0.69 times. The issue opened for bidding on 7 July 2025 and it closed on 9 July 2025. The price band of the IPO is fixed between Rs 1,045 and 1,100 per share. The IPO comprised an entire offer for sale (OFS) of 1,81,81,818 equity shares at a higher price band. The promoter family group (Kapur Family Trust) will be offloading shares worth Rs 2000 crore in the OFS. The offer provides reservation options for eligible employees to subscribe at a discount of Rs 104 per share. Travel Food Services (TFS) is an Indian airport travel quick service restaurant (Travel QSR) and lounge (Lounge). The companys F&B brand portfolio, comprising 127 partner and in-house brands, is in the operation of 442 Travel QSRs across India, Malaysia and Hong Kong. The travel QSR business comprises a range of curated food and beverage (F&B) concepts across cuisines, brands and formats, which have been adapted to cater to customers demands for speed and convenience within travel environments. TFS lounge business comprises designated areas within airport terminals, accessible primarily by first and business-class passengers, members of airline loyalty programs, select credit card and debit card holders and members of other loyalty programs. Ahead of the IPO, Travel Food Services on Friday, 4 July 2025, raised Rs 598.79 crore from anchor investors. The board allotted 54.43 lakh shares at Rs 1,100 each to 33 anchor investors. The firm reported a consolidated net profit of Rs 363.15 crore and sales of Rs 1,687.74 crore for the twelve months ended on 31 March 2025.
