Tue Jul 08 06:30:00 UTC 2025: **Travel Food Services IPO Opens Strong, Aims for ₹2,000 Crore Raise**

**Mumbai, July 7, 2025** – Travel Food Services (TFS), a leading Indian airport travel quick service restaurant (QSR) and lounge operator, launched its initial public offering (IPO) today, seeking to raise ₹2,000 crore through an offer-for-sale (OFS) by the Kapur Family Trust. The IPO, priced between ₹1,045 and ₹1,100 per share, is open for subscription until Wednesday, July 9, with a minimum lot size of 13 shares.

The company will not receive any proceeds from the IPO.

TFS, which operates 397 Travel QSRs across India and Malaysia under 117 partner and in-house brands, boasts a strong presence in 14 Indian and 3 Malaysian airports. As of June 30, 2024, the Mumbai-based company has reserved shares worth ₹4.4 crore for its eligible employees, who will get a discount of ₹104 in the IPO.

Prior to the IPO opening, TFS raised ₹599 crore from 33 anchor investors, including prominent names like Abu Dhabi Investment Authority, Axis Mutual Fund, and Government Pension Fund Global, by allocating 54,43,635 equity shares at ₹1,100 apiece.

Financially, TFS has demonstrated robust growth, reporting a net profit of ₹379.66 crore on revenue of ₹1,762.71 crore for the financial year ended March 31, 2025. This compares favorably to the previous year’s net profit of ₹298.12 crore on revenue of ₹1,462.40 crore. The company is projected to command a total market capitalization of ₹14,485 crore.

Kotak Mahindra Capital Company is the book-running lead manager for the IPO, while Link Intime India is the registrar. Shares are slated to list on both the BSE and NSE, tentatively on Monday, July 14.

Several brokerage firms have issued positive ratings for the IPO, citing TFS’s strong market position and growth potential. SBI Securities noted that TFS is a “proxy to the Indian aviation growth story” and trades at a discount to listed QSR companies. Arihant Capital Markets highlighted the company’s leadership in airport QSRs and lounges, while BP Equities pointed to long-term growth opportunities aligned with India’s aviation trajectory. Canara Bank Securities lauded TFS’s “significant competitive moat” and attractive valuation. Ventura Securities noted TFS’s balanced mix of in-house, regional, and international QSRs.

Investors will have 50% of the net offer reserved for qualified institutional bidders, 15% for non-institutional investors (NIIs), and 35% for retail investors.

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