Travel Food Services IPO gets subscribed 10% on day one of bidding

The initial public offer of Travel Food Services Ltd got subscribed 10 per cent on the first day of bidding on Monday.

The IPO received bids for 13,90,766 shares against 1,34,12,842 shares on offer, according to NSE data. 

The Retail Individual Investors' portion was booked 14 per cent while the quota for Qualified Institutional Buyers (QIBs) got subscribed by 7 per cent. Non-Institutional Investors portion received 6 per cent subscription. 

Travel Food Services, operating a travel quick-service restaurant and a lounge business across airports in India and Malaysia, on Friday raised nearly₹ 600 crore from anchor investors. 

 

The initial public offering (IPO), with a price band of ₹1,045 to ₹1,100 per share, will conclude on July 9. 

The IPO is entirely an offer for sale (OFS) of shares worth ₹2,000 crore by promoter Kapur Family Trust. 

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 launched its first travel quick-service restaurant (QSR) outlet in 2009. It is promoted by SSP Group plc (SSP) and its affiliates SSP Group Holdings Ltd, SSP Financing Ltd, SSP Asia Pacific Holdings Ltd along with the Kapur Family Trust, Varun Kapur and Karan Kapur. 

Headquartered in Mumbai, Travel Food Services' portfolio features a diverse selection of food and beverage (F&B) concepts, including fast food, cafes, bakeries, food courts and bars, primarily located in airports and some highway locations. 

Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities and Batlivala & Karani Securities India are the book-running lead managers to the issue.