Tue Jul 08 06:30:00 UTC 2025: **Summary:**

Travel Food Services (TFS) has launched its ₹2,000 crore IPO today, open until July 9, 2025, with a price band of ₹1045-₹1100 per share. The offering is entirely an Offer for Sale (OFS). The IPO aims to list on NSE and BSE. The grey market premium is ₹30. Subscriptions are currently slow, with the overall issue booked 0.16 times on Day 2. Ventura Securities and BP Equities have recommended subscribing to the IPO, citing TFS’s strong financial performance (revenue, EBITDA, and PAT growth) and expansion plans into international markets.

**News Article:**

**Travel Food Services Launches ₹2,000 Crore IPO, Subscriptions Open Until July 9th**

**Mumbai, India** – Travel Food Services Limited (TFS), a leading provider of food and beverage services, has launched its Initial Public Offering (IPO) today, aiming to raise ₹2,000 crore. The IPO will remain open for subscription until July 9, 2025, with a price band fixed between ₹1045 and ₹1100 per equity share.

The offering is entirely an Offer for Sale (OFS), meaning the company itself will not receive the proceeds. The shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Early indicators suggest a tepid start, with the IPO being subscribed only 0.16 times overall by noon on the second day of bidding. Retail investors subscribed 0.22 times, while Non-Institutional Investors (NII) and Qualified Institutional Buyers (QIB) subscribed 0.14 and 0.07 times, respectively.

Despite the slow start, market observers report a Grey Market Premium (GMP) of ₹30, suggesting some investor interest.

Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani Securities are the lead managers for the issue. MUFG Intime India Private Limited (Link Intime) is the registrar. Allotment is expected around July 10, 2025, and the listing date is projected for July 14, 2025. The lot size is 13 shares.

Several brokerage firms are recommending a “subscribe” rating for the IPO. Ventura Securities highlights TFS’s robust financial performance, with a 20.9% increase in revenue from FY24 to FY25, reaching ₹1,762.71 crore. EBITDA grew by 34% and PAT increased by 27.3% in the same period. The company also boasts a zero-debt status and ambitious expansion plans in international markets such as Malaysia, Hong Kong, Asia-Pacific, and the Middle East, leveraging its relationship with SSP Group. BP Equities echoed this sentiment, noting that the issue is valued at a P/E of 39.9x based on FY25 earnings, which represents a discount to listed QSR companies.

Investors are advised to consult with certified financial experts before making any investment decisions.

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