Travel Food Services IPO – Review
Travel Food Services Limited, a leading player in the travel QSR and lounge sectors in airports in India is planning to raise INR 2000 crore via IPO.
[Fresh Issue NIL + OFS 2000 crore]
Travel food services ipo price is INR 1045 – 1100 per share
Travel Food Services: History
The Company was originally incorporated as Bombay Pure Foods Private Limited as a private company under the Companies Act, 1956, on November 20, 2007.
The Company was converted into a public limited company under a special resolution passed by the shareholders on November 11, 2024, and its name was changed to Travel Food Services Ltd under a fresh certificate of incorporation issued by the Registrar of Companies on November 22, 2024.
Travel Food Services: Business
Travel Food Services (TFS) is the leading player in the fast-growing Indian airport travel quick-service restaurant (Travel QSR) and Lounge sectors based on revenue in FY 2024 (according to the CRISIL Report).
The Travel QSR business of the company comprises a range of curated food and beverage (F&B) concepts across cuisines, formats, and brands, which have been adapted to cater to clients’ demands for speed and convenience within travel environments.
The Company utilizes its F&B brand portfolio, comprising 117 partner and in-house brands, in the operation of 397 Travel QSRs across India and Malaysia, as of June 30, 2024.
The Lounge business of Travel Food Services comprises designated areas within airport terminals, accessible primarily by –
- First-Class Passengers,
- Business Class Passengers,
- Members of Airline Loyalty Programs,
- Credit Card & Debit Card Holders, and
- Members of Other Loyalty Programs
The Company had 31 Lounges across India and Malaysia, as of June 30, 2024. Additionally, a new Lounge was opened in Hong Kong in July 2024.
TFS: Network
Through Travel QSR and Lounge businesses, TFS is present in 14 airports in India and 3 airports in Malaysia, as of June 30, 2024.
According to the CRISIL report, these 14 airports served 74 percent of the total international and domestic air traffic footfall in India in FY 2024, such airports include –
- Bengaluru airport,
- Chennai airport,
- the Delhi airport,
- Hyderabad airport,
- Mumbai airport, and
- Kolkata airport
TFS: Market share
According to the CRISIL report –
- TFS had a market share of 24 percent based on revenue (including associates & Joint ventures) in the Indian airport travel QSR sector in FY 2024.
- And a market share of 45 percent based on revenue (including associates & joint ventures) in the airport lounge sector in India in FY 2024.
List of the Partner Brands
Strategies Ahead
- Optimize product offerings and services to grow like-for-like sales
- Grow new space in existing markets and build strategic presence in new markets
- Deliver operating synergies and leverage scale benefits
- Optimize capital expenditure through best business practices
Company Promoters
- SSP Group PLC,
- SSP Group Holdings Limited,
- SSP Financing Limited,
- SSP Asia Pacific Holdings Limited,
- Kapur Family Trust,
- Varun Kapur,
- Karan Kapur.
IPO Details
IPO date = 7 July to 9 July 2025
Minimum Amount = INR 14,300
Minimum Bid = 13 Shares
Face Value (FV) = INR 1
Listing On = NSE, BSE
Book Running Lead Managers
Kotak Mahindra Capital Company Ltd
Financials
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CONCLUSION
FinBlab recommends ‘SUBSCRIBE‘ ratings on Travel Food Services IPO
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