According to exchange data, the issue received bids for 1.99 crore shares as against 1.34 crore shares on offer.
The retail investors’ portion was subscribed 42%, while the non-institutional investors’ quota was booked 66%. The qualified institutional buyers’ segment saw strong demand, receiving 3.98 times subscription. The portion reserved for employees was subscribed 1.16 times.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The company is selling its shares in a fixed price band of ₹1,045 to ₹1,100. Investors can bid for a minimum of 13 shares and in multiples thereof.
Travel Food Services is seeking a market capitalisation of ₹14,485 crore at upper end of the price band.
The proposed IPO is entirely an offer for sale (OFS) of shares worth ₹2,000 crore by promoter Kapur Family Trust. The offer includes reservations for subscriptions by eligible employees.
Post the issue, promoter stake in the company will decline from 100% to 86%.
Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholder.
Travel Food Services has already raised nearly ₹600 crore from anchor investors, including ICICI Prudential Mutual Fund (MF), Axis MF, Kotak MF, Baroda BNP Paribas MF, Abu Dhabi Investment Authority, Fidelity and Government Pension Fund Global.
Travel Food Services is a leading player in the Indian Airport Travel QSR and Lounge industry. As of FY25, the company accounted for 26% market share in the Indian Airport Travel QSR and 45% in the Indian Airport Lounge sectors, respectively, in terms of revenue.
The company’s Travel QSRs are predominantly situated within airports while, the Lounge business comprises of designated areas within airport terminals. As of March 2025, TFS operated 442 Travel QSRs across India and Malaysia and 37 Lounges across India, Malaysia and Hong Kong.
The company has added 80, 92 and 96 outlets respectively in FY25, FY24 and FY23.
In FY25, Travel Food Services posted a 27.4% year-on-year rise in profit to ₹379.7 crore, while revenue rose 21% to ₹1,687.7 crore.
Kotak Mahindra Capital is the book-running lead manager of the Travel Food Services IPO, while MUFG Intime India (Link Intime) is the registrar for the issue.
The allotment for the Travel Food Services IPO is expected to be finalised on July 10, and the shares will be listed on BSE, NSE with a tentative listing date fixed as July 14.
