Travel Food Services IPO opens on July 7, 2025, and will close on July 9, 2025. This is a Book Build Issue, through which the company aims to raise approximately ₹2,000 crores. The IPO consists of a Fresh Issue of ₹[.] crores and an Offer for Sale (OFS) of up to 1,81,81,818 equity shares with a face value of ₹1 each.
The price band for the Travel Food Services IPO is set at ₹1,045 to ₹1,100 per share. The retail investor quota is 35%, QIB (Qualified Institutional Buyers) portion is 50%, and HNI (High Net-worth Individuals) portion is 15%. The IPO is proposed to be listed on BSE and NSE on July 14, 2025, while the allotment date is scheduled for July 10, 2025.
In terms of financials, the company reported a revenue of ₹1,762.71 crores in FY 2025, compared to ₹1,462.29 crores in FY 2024. The net profit grew to ₹379.66 crores in FY 2025, from ₹298.12 crores in FY 2024.
Travel Food Services IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | July 7, 2025 |
| IPO Close Date: | July 9, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹1045 to ₹1100 Per Share |
| Issue Size: | Approx ₹2000 Crores |
| Offer for Sale: | Approx 1,81,81,818 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE & NSE |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Travel Food Services IPO Market Lot
The Travel Food Services IPO minimum market lot is 13 shares, requiring an application amount of ₹14,300. Retail investors can apply for up to 13 lots, which equals 169 shares, with a total investment of ₹1,85,900.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 13 | ₹14,300 |
| Retail Maximum | 13 | 169 | ₹1,85,900 |
| S-HNI Minimum | 14 | 182 | ₹2,00,200 |
| B-HNI Minimum | 70 | 910 | ₹10,01,000 |
Travel Food Services IPO Allotment & Listing Dates
The Travel Food Services IPO will open on July 7, 2025, and close on July 9, 2025. The IPO allotment will be finalized on July 10, 2025, and the listing date is set for July 14, 2025 on the BSE and NSE.
| Type | Date |
|---|---|
| IPO Open Date: | July 7, 2025 |
| IPO Close Date: | July 9, 2025 |
| Basis of Allotment: | July 10, 2025 |
| Refunds: | July 11, 2025 |
| Credit to Demat Account: | July 11, 2025 |
| IPO Listing Date: | July 14, 2025 |
Travel Food Services IPO: Promoters
The promoters of Travel Food Services are SSP Group plc, SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited, and the Kapur Family Trust.
Travel Food Services IPO Company Financial Report
The company reported a revenue of ₹1,762.71 crores in FY 2025, compared to ₹1,462.29 crores in FY 2024, showing strong year-on-year growth. The net profit also increased significantly to ₹379.66 crores in FY 2025 from ₹298.12 crores in FY 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2022 | ₹441.66 | ₹429.78 | ₹5.03 | ₹1,056.49 |
| 2023 | ₹1,103.58 | ₹824.21 | ₹251.3 | ₹1,332.32 |
| 2024 | ₹1,462.29 | ₹1,146.72 | ₹298.02 | ₹1,623.39 |
| 2025 | ₹1,762.71 | ₹1,305.65 | ₹379.66 | ₹1,902.73 |
Travel Food Services IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 35.47% |
| ROCE: | 51.40% |
| EBITDA Margin: | 40.07% |
| PAT Margin: | 21.54% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹27.58 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 34.64% |
| Net Asset Value (NAV): | ₹79.62 |
Travel Food Services IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Jubilant FoodWorks Limited | 3.41 | 205.81 | 10.02 | 31.87 | 5,654.09 Cr. |
| Devyani International Limited | 0.08 | 2,097.13 | 0.84 | 9.07 | 3,556.30 Cr. |
| Sapphire Foods India Limited | 0.60 | 548.00 | 1.38 | 43.53 | 2,594.28 Cr. |
| Westlife Foodworld Limited | 0.78 | 955.26 | 2.01 | 38.70 | 2,391.81 Cr. |
| Restaurant Brands Asia Limited | (4.33) | NA | (23.80) | 15.61 | 2,437.10 Cr. |
Objects of the Issue – Travel Food Services IPO
- To be updated soon
Travel Food Services Company Overview, Strengths, and Risks
Travel Food Services (TFS) is a leading player in the travel food and beverage (F&B) and lounge sectors, primarily operating in airports. The company focuses on elevating the culinary experience for travelers through a diverse portfolio of international, regional, and in-house brands.
Company Overview:
- Business Model: TFS operates two main segments: Travel QSR (Quick Service Restaurants) and Airport Lounges. Their Travel QSRs offer a range of F&B concepts designed for speed and convenience in travel environments, while their lounges provide curated comfort and culinary excellence for premium travelers.
- Market Position: TFS is a market leader in India, holding approximately 26% share in the Indian airport travel QSR sector and 45% in the Indian airport lounge sector as of FY25 (according to a CRISIL report).
- Geographic Presence: As of March 31, 2025, TFS has a significant presence in India (14 airports, including 13 of the top 15 by passenger traffic), Malaysia (3 airports), and Hong Kong (1 airport). They also have select outlets at highway sites in India.
- Brand Portfolio: The company manages a diversified portfolio of 127 F&B brands, including 32 international brands, 58 regional Indian brands, and 37 in-house brands. Notable brand partners include Burger King, Jamie Oliver’s Pizzeria, and Hard Rock Cafe, alongside their own brands like Idli.com and Dilli Streat.
- Ownership: TFS is promoted by the UK-based SSP Group plc, a leading global travel F&B operator, and India’s K Hospitality Corp (Kapur Family Trust). This joint venture leverages SSP’s global reach and F&B expertise, and K Hospitality’s deep understanding of the Indian F&B industry.
- Financials (as of FY25):
- Revenue from operations: ₹1,687.7 crore
- Net Profit: ₹379.7 crore
- EBITDA margin: 40.1%
- Return on Equity (ROE): 35.5%
- Return on Capital Employed (ROCE): 49.97%
Strengths:
- Market Leadership and Pan-India Footprint: TFS is the largest operator in both the airport QSR and lounge segments in India, with a presence in most major airports, covering a significant portion of the country’s air passenger traffic.
- Diversified and Scalable Brand Portfolio: The extensive mix of international, regional, and in-house brands allows TFS to cater to diverse traveler preferences and adapt to specific airport tender requirements. This also provides flexibility for future expansion.
- Strong Parentage and Expertise: The backing of SSP Group and K Hospitality provides TFS with global best practices, a robust vendor network, strong relationships with international airport operators, and deep insights into the Indian F&B market.
- Robust Operating Framework and Food Safety Standards: Operating in a highly secure airport environment, TFS has established standardized processes for quality control, staff training, and inventory management, ensuring consistent service and adherence to stringent food safety regulations.
- Long-term Airport Concessions and High Contract Retention: TFS has secured long-term contracts (5-20 years) with airport operators and boasts a high contract retention rate (93.9% from 2009 to March 2025), providing stable revenue streams and a strong operational footing.
- Superior Profitability: Compared to standalone QSR chains, TFS benefits from a captive airport environment, allowing for higher menu prices and resulting in strong margins (EBITDA margin of around 40% and net profit margin of approximately 22%).
- Strong Industry Tailwinds: The Indian aviation sector is experiencing significant growth with increasing passenger traffic, new airport developments, and rising disposable incomes, all of which directly benefit airport-based F&B businesses like TFS.
Risks:
- High Dependence on Airport Concessions and Passenger Traffic: A substantial portion of TFS’s revenue is derived from long-term contracts with airport operators. Non-renewal of contracts or adverse changes in tender terms could significantly impact operations. The entire business is also highly dependent on the volume of passenger traffic at airports, making it susceptible to downturns in the aviation industry (e.g., due to pandemics, economic slowdowns, or geopolitical events).
- Operational Complexity in High-Compliance Environment: Operating F&B outlets within airports involves stringent security clearances, logistical challenges, and 24/7 operations. Any lapses in compliance or operational efficiency could lead to reputational damage or financial penalties.
- Intense Competition: TFS faces competition from both global players (like HMSHost) and domestic F&B operators in the travel QSR and lounge sectors. Competitive bidding for new airport concessions could put pressure on margins and limit expansion opportunities.
- Growth Challenges in Lounge Business: While profitable, the airport lounge business has historically seen growth driven by third-party initiated complimentary access (e.g., credit card tie-ups). This could pose long-term growth challenges if these partnerships change or if there’s increasing competition from the QSR division itself.
- Concentration Risk: A significant portion of TFS’s revenue (around 86% in FY25) comes from the top five airports, indicating a high concentration risk. Any disruption or slowdown at these key airports could disproportionately affect the company’s financial performance.
- Like-for-Like (LFL) Sales Growth Fluctuations: The launch of new terminals can sometimes attract passenger traffic away from older terminals, impacting LFL growth for existing outlets. While not necessarily a negative for overall company growth, it can make LFL growth a less apt metric for evaluating momentum.
- Regulatory and Legal Risks: Concession agreements can be subject to regulatory inquiries or legal challenges, as evidenced by past disputes over concession fees (e.g., with AAI). Such issues could result in financial liabilities or operational disruptions.
Travel Food Services IPO Review
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Travel Food Services IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: travelfood.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Travel Food Services IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Company Limited
- Hsbc Securities & Capital Markets Pvt Ltd
- ICICI Securities Limited
- Batlivala & Karani Securities India Private Limited
Travel Food Services Company Address
Travel Food Services Limited
Block-A South Wing 1st Floor,
Shiv Sagar Estate, Dr. Annie Besant Road
Worli,
Mumbai, Maharashtra, 400018
Phone: +91 22 4322 4322
Email: cs@travelfoodservices.com
Website: https://www.travelfoodservices.com/
FAQs about Travel Food Services IPO
The Travel Food Services IPO opens on July 7, 2025, and closes on July 9, 2025. The allotment date is July 10, 2025, and the listing date on BSE and NSE is July 14, 2025.
The price band for the Travel Food Services IPO is set at ₹1,045 to ₹1,100 per share.
The minimum market lot for retail investors is 13 shares, requiring an application amount of ₹14,300 (at the upper end of the price band).
The Travel Food Services IPO aims to raise approximately ₹2,000 crores. It consists of a Fresh Issue and an Offer for Sale of up to 1,81,81,818 equity shares.
The promoters of Travel Food Services are SSP Group plc, SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited, and the Kapur Family Trust.
In FY2025, Travel Food Services reported a revenue of ₹1,762.71 crores and a net profit of ₹379.66 crores. The EBITDA margin was 40.07%, and the PAT margin was 21.54%.
The Travel Food Services IPO is proposed to be listed on both the BSE and NSE.
The retail investor quota for the Travel Food Services IPO is not more than 35% of the total issue.
