Travel Food Services IPO opens for subscription; GMP up 3%; should you bid?

Travel Food Services IPO: Shares of Travel Food are scheduled to make their D-street debut on Monday, July 14, 2025

Travel Food Services IPO: The initial public offering (IPO) of Mumbai-based travel quick service restaurant (QSR) company Travel Food Services will open for public bidding today, July 7, 2025. At the upper price band, the company aims to raise ₹2,000 crore. 

 

Ahead of the opening of the issue, Travel Food Services has raised ₹600 crore from anchor investors at the upper price band of ₹1,100 per equity share.  ICICI Prudential Mutual Fund (MF), Axis MF, Kotak MF, Baroda BNP Paribas MF, Abu Dhabi Investment Authority, Fidelity and Government Pension Fund Global were among the anchor investors, according to a circular filed on BSE.

 

 

Travel Food Services IPO is a book-building issue of ₹2000 crore comprising an offer for sale (OFS) of 18.2 million equity shares. There is no fresh issue component. Kapur Family Trust is the promoter selling shareholder. The company has reserved not more than 50 per cent of the net offer for qualified institutional buyers, not less than 35 per cent for retail investors, and not less than 15 per cent for non-institutional investors.  As the public issue opens for bidding, here are the key details of the Travel Food Services IPO:

Travel Food Services IPO lot size, price band

Travel Food Services IPO is available at a price band of ₹1,045-1,100 per share, with a lot size of 13 shares. Accordingly, investors can bid for a minimum of one lot or 13 shares of Travel Food and in multiples thereof.

 

The minimum amount required by a retail investor to bid for the IPO is ₹14,300. A retail investor can bid for a maximum of 13 lots or 169 shares, amounting to ₹1,85,900.

Travel Food Services IPO grey market premium (GMP)

The unlisted shares of Travel Foods were commanding a modest premium in the grey market ahead of the opening of the public issue. Sources tracking unofficial market activities showed that Travel Food shares were trading at around ₹1,130 per share, reflecting a grey market premium (GMP) of ₹30 or 2.7 per cent over the upper end of the issue price.  Track Stock Market LIVE Updates

Travel Food Services IPO allotment date, listing date

The three-day subscription window to bid for the issue will conclude on Wednesday, July 9, 2025. Following the closure of the subscription window, the basis of allotment of shares is likely to take place on Thursday, July 10, 2025.

 

Shares of Travel Food Services are scheduled to make their D-street debut on Monday, July 14, 2025, by listing on the BSE and NSE.

Travel Food Services IPO registrar, lead manager

MUFG Intime India, formerly Link Intime, is the registrar for the issue. Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities and Batlivala & Karani Securities are the book-running lead managers. 

Should you subscribe to the Travel Food Services IPO?

SBI Securities - Subscribe

According to analysts at SBI Securities, Travel Food Services is a proxy to the Indian aviation growth story. The company has a strong presence across all the major airport terminals across India, as well as concession wins at both the upcoming new airports at Greater Noida and Navi Mumbai. The brand portfolio has a healthy mix of third-party and in-house QSR brands. 

 

"At the upper price band of ₹1,100, the stock is likely to trade at 39.9x FY25 EPS (earnings per share), which is at a discount to listed QSR companies. TFS has superior margins and return ratios along with a strong balance sheet. We recommend investors to 'Subscribe' to the issue at the cut-off price," the brokerage said in a research note.

About Travel Food Services

Travel Food Services (TFS) is a leading player in the Indian Airport Travel QSR and Lounge industry. As of FY25, the company accounted for 26 per cent and 45 per cent market share in the Indian Airport Travel QSR and 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 designated areas within airport terminals.  Within the travel QSR business, the company runs several popular international and regional food and beverage brands like KFC, Pizza Hut, Subway, Bikanervala, Third Wave Coffee, along with in-house brands such as Cafeccino, Curry Kitchen, Idli.com and Dilli Streat. As of March 2025, TFS operated 442 Travel QSRs across India and Malaysia and 37 lounges across India, Malaysia and Hong Kong.