Travel Food Services Intends to Launch $233.5 Million IPO, Aiming for $1.69 Billion Market Capitalization
**Travel Food Services Launches Rs 2,000 Crore IPO on July 7**
Mumbai-based Travel Food Services, India's largest travel quick service restaurant (QSR) company, is set to make its public market debut with a significant initial public offering (IPO) on July 7, 2025. The subscription window for the offer will close on July 9, 2025.
The IPO is entirely an offer for sale (OFS) of 18.2 million equity shares by the Kapur Family Trust, the promoter selling shareholder. The company aims to raise ₹2,000 crore through this OFS. The shares are offered at a price band of ₹1,045 to ₹1,100 per share.
Investors can bid for a minimum of one lot consisting of 13 shares, amounting to a minimum retail investment of about ₹14,300 at the upper price band, and a maximum of 13 lots (169 shares). The offer reserves not more than 50% of shares for qualified institutional buyers (QIBs), at least 35% for retail investors, and not less than 15% for non-institutional investors.
Before the public subscription opened, the company raised nearly ₹600 crore from 33 anchor investors including major mutual funds and sovereign funds such as ICICI Prudential, Axis, Kotak, Abu Dhabi Investment Authority, Fidelity, and Government Pension Fund Global.
Travel Food Services operates India’s largest network of travel QSRs and airport lounges. Founded in 2009, it is promoted by SSP Group plc (a UK-based multinational) and its affiliates, along with the Kapur Family Trust and family members Varun and Karan Kapur. The IPO is being conducted primarily as an exit route for the promoters rather than raising fresh capital.
The company is positioned as a leader in the travel food and airport lounge segment, aiming to leverage its large network and strong promoter backing to expand further. In fiscal 2025, Travel Food Services' profit saw a rise of over 27% to Rs 3.8 billion, and its revenue from operations increased nearly 21% to Rs 16.88 billion. The company's revenue-based market share is about 26% in the domestic airport restaurant sector.
The bidding for anchor investors was scheduled for July 4, 2025, and the IPO is expected to be finalized by July 10, 2025, with listing likely on the NSE and BSE by July 14, 2025. The upper end of Travel Food Services' price band values the company at a market capitalization higher than its planned raise, indicating strong investor interest.
This IPO comes after a pickup in India's IPO market, which had a slow start this year due to market gyrations from global trade worries and a domestic border conflict. Other notable IPOs include HDB Financial Services, which had a trading debut on Wednesday and was valued at $1.5 billion, marking India's largest IPO in 2025 and the largest ever by a non-banking financial company.
According to PRIME Database, there are 143 Indian IPOs being planned, with a potential value of $26 billion. Regulators have approved 73 of these planned IPOs so far. The company's joint venture partner is K-Hospitality. It was not immediately clear if the Trust would divest all its shares.
In summary, Travel Food Services' IPO is a significant ₹2,000 crore offer for sale by existing promoters at a price band of ₹1,045-₹1,100 per share, with strong institutional backing, aimed at enabling promoter exit and increasing public ownership while marking the company’s public market debut in the travel QSR and airport lounge space.
The IPO of Travel Food Services, aiming to raise ₹2,000 crore, is primarily an exit route for the promoters and offers a significant opportunity for general investors. This IPO comes amidst a revival of the Indian IPO market, with several other notable listings such as HDB Financial Services this year.
