TRAVEL FOOD SERVICES IPO Review: Strong ₹2000 Cr Offer

TRAVEL FOOD SERVICES IPO

The TRAVEL FOOD SERVICES IPO is an attractive, fully book-built issue with a total IPO size of ₹2,000.00 crores. This promising public offer is entirely an offer for sale (OFS) by existing shareholders, giving investors a strong opportunity to invest in a well-established brand.

The TRAVEL FOOD SERVICES IPO opens on July 3, 2025 and closes on July 7, 2025. Investors are eyeing this issue as one of the most talked-about IPOs of the quarter.

The allotment is expected to be finalized by July 8, 2025, and the IPO is scheduled to list on BSE and NSE on a tentative date of July 10, 2025.

While the price band and lot size for the TRAVEL FOOD SERVICES IPO have not been officially revealed, it is expected to be aligned with large-cap benchmarks.

The IPO is managed by MUFG Intime India Private Limited (Link Intime) as the registrar. Book-running lead managers include top institutions: Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, and Batlivala & Karani Securities India Private Limited.

For investors looking to diversify their portfolios, the TRAVEL FOOD SERVICES IPO presents a potentially rewarding opportunity. Don’t miss out on this offering.

If you're exploring investment opportunities, check out other upcoming IPOs in India and SME IPO listings.

IPO Schedule

IPO Open Date	Thursday, 03 Jul, 2025
IPO Close Date	Monday, 07 Jul, 2025
IPO Allotment Date	Tuesday, 08 Jul, 2025
Refund Initiation	Wednesday, 09 Jul, 2025
Share credit in Demat	Wednesday, 09 Jul, 2025
Listing Date	Thursday, 10 Jul, 2025

Key Details

Price Band	TBA
Lot Size	TBA
Face Value	₹1 Per Equity Share
Total Issue Size	-
Fresh Issue	-
OFS Issue	₹2,000.00 Crores
Issue Type	Offer for Sale
Listing At	BSE, NSE

Share Reservation

Investor Category	Shares Offered
QIB	50%
Retail	35%
NII/HNI	15%

About Travel Food Services Limited Company

Lounge Players (TFS) is a leading player in the Indian travel QSR and lounge sectors, operating since 2007. They have a strong presence in India, Malaysia, and Hong Kong. As of June 2024, they operate 367 outlets in India, of which 335 are airport travel QSR outlets. TFS boasts a portfolio of 117 brands, including KFC, Subway, Pizza Hut and Cafeccino and other renowned names. The company operates across 14 airports in India.

TFS had the largest network of travel QSR outlets and lounges in Indian airports as of March 31, 2024, with 313 airport travel QSR outlets and 24 lounges across 8 airports. In FY24, TFS's revenue from operations reached ₹139.63 crore, demonstrating substantial growth with a CAGR of 89.31% from FY22 to FY24. TFS holds a 24% market share in the Indian airport travel QSR sector and a 45% market share in the airport lounge sector.

Travel Food Services Limited Financial Details

Period Ended	30 Jun 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	1771.16	1623.39	1332.32	1056.49
Revenue	409.86	1396.32	1067.15	389.61
Profit After Tax	59.55	298.02	251.30	5.03
Net Worth	869.29	814.88	665.03	416.01
Reserves and Surplus	852.54	796.70	651.60	405.85
Total Borrowing	67.00	63.78	31.05	38.17

₹ In Crore

Key Performance Indicator

Basic EPS (in ₹)	Return on Net Worth (RoNW)	Net Asset Value (NAV)	Debt-Equity Ratio	Return on Equity (ROE)	Return on Capital Employed (ROCE)
21.85	36.14	60.45

Offer Objectives

The Offer involves the Offer for Sale (OFS) of equity shares by the Promoter Selling Shareholder, aiming to raise up to ₹2,000 crore and to achieve the benefits of listing the Equity Shares on the Stock Exchanges. The company will not receive any proceeds from the Offer; all proceeds will go to the Promoter Selling Shareholder after deducting offer-related expenses and taxes.

Regarding Promoter Shareholding, SSP Asia Pacific Holdings Limited holds 64,522,922 shares (49.00% pre-offer), and Kapur Family Trust holds 67,156,562 shares (51.00% pre-offer). A minimum of 20% of the post-Offer Equity Share capital held by Promoters will be locked in for 18 months, with the excess locked in for 6 months.

Lock-in requirements include an 18-month lock-in for the Minimum Promoters’ Contribution and a 6-month lock-in for the entire pre-Offer equity share capital (subject to certain exceptions such as Offer for Sale transfers and shares held by specific investor categories). 50% of the Equity Shares allotted to the Anchor Investors from the date of Allotment shall be locked -in for 90 days and the remaining 50% for 30 days.

Estimated offer-related expenses are approximately ₹[●] million and are to be borne by the Promoter Selling Shareholder, excluding specific company-related expenses. These expenses cover fees for Book Running Lead Managers, advertising, Registrar fees, commissions, and other miscellaneous costs. Selling commission and processing fees will be payable to SCSBs, Syndicate Members, RTAs and CDPs on the basis of terminal id. The Sponsor Bank shall be responsible for making payments to third parties in connection with the UPI mechanism.