Travel Food Services IPO
ListedMainboardOpens 7 July 2025Closes 9 July 2025
Travel Food Services Limited (TFS), incorporated in 2007, is a leading player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge sectors. The company holds approximately 26%…
Travel Food Services Limited (TFS), incorporated in 2007, is a leading player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge sectors. The company holds approximately 26% market share in the Indian airport travel QSR sector and 45% in the Indian airport lounge sector based on FY25 revenues. TFS offers a diverse range of curated food & beverage (F&B) concepts across different cuisines and formats. As of March 31, 2025, they operate 442 Travel QSRs and 37 lounges, including 384 outlets in 14 airports in India (covering major hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai), 30 outlets across two airports in Malaysia, and 32 outlets across eight highway sites in India
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Key ratios
As per RHP / filingsTimeline
IPO Opens
7 Jul 2025
IPO Closes
9 Jul 2025
Allotment
10 Jul 2025
Listing
14 Jul 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 7 July 2025 |
| IPO Close Date | 9 July 2025 |
| Allotment Date | 10 July 2025 |
| Listing Date | 14 July 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,300 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,85,900 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,00,200 |
SHNI (Max)Below ₹10,00,000 | 69 | ₹9,86,700 |
BHNIAbove ₹10,00,000 | 70 | ₹10,01,000 |
IPO Objectives
- The company will not receive any proceeds from the Offer for Sale (OFS) by the Selling Shareholder. All the Offer Proceeds will be received by the Promoter Selling Shareholder after deduction of Offer related expenses and relevant taxes thereon. The primary objective of the IPO is to achieve the benefits of listing the equity shares on the stock exchanges, which is expected to enhance the company's visibility and brand recognition. Listing will also provide liquidity to the existing shareholders and create a public market for the company's shares in India.
Strengths
- Leading player in the fast-growing Travel QSR and Lounge sectors in Indian airports, with approximately 26% market share in airport QSR and 45% in airport lounges (FY25 revenues).
- Strong expertise in operating and handling the F&B segment in operationally complex and highly secure airport environments, including 24/7 operations and stringent security clearances.
- Proven and established track record of long-term working relationships with airport operators, with a contract retention rate of 93.9% since 2009 and average concession tenures of 8+ years.
- Diversified portfolio of 127 franchised high-quality brand partners (like KFC, Pizza Hut, Subway) and 37 in-house F&B brands (Caféccino, Dilli Streat, idli.com), catering to diverse consumer preferences.
- Experienced management team and strong parentage (joint venture with UK-based SSP Group plc and Kapur Family Trust/K Hospitality Corp), providing deep industry knowledge and global best practices.
Weaknesses
- Pure Offer for Sale (OFS): The IPO is entirely an OFS, meaning the company will not receive any proceeds from the issue. All funds raised will go to the selling shareholders, limiting fresh capital infusion for direct business growth.
- High Revenue Concentration: Approximately 86% of the company's revenue comes from its operations at the top five airports in India, making the business highly vulnerable to any decline in passenger traffic, termination, or adverse changes in concession agreements at these key locations.
- Dependence on Airport Traffic: The company's business is highly dependent on air passenger traffic and discretionary spending, making it susceptible to macroeconomic cycles, pandemics, geopolitical events, or other disruptions to air travel.
- Competition for Concessions: Growth is heavily reliant on winning new airport concession agreements through competitive bidding, which can be intense and may lead to pressure on margins or slower expansion if successful bids are not secured.
- Lounge Business Growth Challenges: The airport lounge business has historically benefited from third-party initiated complimentary access (e.g., credit card tie-ups). Over-reliance on this model carries long-term risks if such benefits are reduced or if competition increases.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 1,902.73 | 1,696.44 | 1,332.32 |
| Revenue (₹ Cr.) | 1,762.71 | 1,462.4 | 1,103.58 |
| PAT (₹ Cr.) | 379.66 | 298.12 | 251.3 |
| Net Worth (₹ Cr.) | 1,048.45 | 869.05 | 651.12 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Travel Food Services | 18.2 | 39.88 | 35.47% | 1,048.45 |
| Jubilant Foodworks Ltd | 21.46 | 214.4 | 10.02% | 2,243 |
| Devyani International Limited | 14.05 | 2,466.43 | 0.84% | 1,402 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.07x | 0.19x | 8.1x |
| NII | 0.07x | 0.25x | 1.66x |
| S-HNI | 0.12x | 0.26x | 1.32x |
| B-HNI | 0.04x | 0.24x | 1.83x |
| RII | 0.15x | 0.3x | 0.72x |
| EMP | 0.39x | 0.77x | 1.79x |
| Total | 0.11x | 0.26x | 3.03x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 36,29,090 | 2,93,98,278 | 3,233.81 |
| NII | 27,21,818 | 45,29,031 | 498.19 |
| Small NII | 9,07,273 | 12,00,888 | 132.1 |
| Big NII | 18,14,545 | 33,28,143 | 366.1 |
| RII | 63,50,909 | 45,74,960 | 503.25 |
| EMP | 40,382 | 72,397 | 7.96 |
| Total | 1,27,42,199 | 3,85,74,666 | 4,243.21 |
Company Details
- Travel Food Services Ltd.
- Block-A South Wing 1st Floor, Shiv Sagar Estate, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra-400018, India
- +91 22 4322 4322
- cs@travelfoodservices.com
- https://www.travelfoodservices.com/
Registrar Details
- MUFG Intime India Private Limited (Link Intime)
- +91-22-4918 6270
- travelfood.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html
Frequently Asked Questions
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Travel Food Services IPO News & Updates
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Travel Food Services IPO IPO Pages
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Travel Food Services IPO Details
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Travel Food Services IPO GMP
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Travel Food Services IPO Subscription
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Travel Food Services IPO Allotment
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Travel Food Services IPO Review
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Travel Food Services IPO FAQ
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Travel Food Services IPO Registrar
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Travel Food Services IPO Timeline
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Travel Food Services IPO News
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Sources
We match Travel Food Services IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private Limited (Link Intime)Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.