Travel Food Services IPO sails through thanks to institutions
The IPO of Travel Food Services sailed through on the last date 3 of issue closing on Wednesday. The IPO that saw muted interest from investors on the first two days, was subscribed 2.88 times.
The ₹2,000-crore initial public offering of Travel Food Services received bids for 3.86 crore shares against 1.34 crore shares on offer.
The IPO
The IPO, which is entirely an offer for sale by the Kapur Family Trust, came out with a price band of ₹1,045-1,100.
While the portion reserved for qualified institutional buyers portion was subscribed 7.70 times, non-institutions window was booked 1.58 times. However, the quota of retail investors remained undersubscribed at 0.69 time while the employee portion (42,507 shares) received bids for 1.72 times.
The company raised ₹598.80 crore from anchor investors on Friday, ahead of the initial public offering.
The company informed the bourses that it allocated 54,43,635 shares at ₹1,100 a share to anchor investors who included some of the marquee Institutions such as ICICI Prudential Mutual Fund, Abu Dhabi Investment Authority, Axis Mutual Fund, Fidelity Investment Trust Emerging Asia Fund, Government Pension Fund Global, Kotak Mutual Fund, Baroda BNP Paribas Mutual Fund, WhiteOak Capital Flexi Fund, Bajaj Allianz Life Insurance Company, HDFC Life Insurance Company, Tata AIA Life Insurance, Turnaround Opportunities Fund, IKIGAI Emerging Equity Fund, JM Financial Mutual Fund, Amundi Funds New Silk Road, Samsung India Securities Master Investment Trust Equity, Bharti AXA Life Insurance, Helios Flexi Cap Fund, SBI General Life Insurance Company, Necta Bloom VCC –Regal Fund, Integrated Core Strategies (Asia) Pte. Ltd and Societe Generale – ODI.
Travel Food Services Ltd is engaged in the fast-growing Indian airport travel, quick-service restaurant, and lounge sectors across airports in India, Malaysia, and Hong Kong. It also has Travel QSRs on nine highways in India. Its Travel QSR business comprises a range of F&B concepts tailored to customers’ demands for speed and convenience within travel environments. As of March 31, 2025, its F&B brand portfolio includes 127 partner and in-house brands.
Kotak Mahindra Capital Company Ltd, HSBC Securities and Capital Markets (India) Private Ltd, ICICI Securities Ltd and Batlivala & Karani Securities India Private Ltd are the book-running lead managers, and MUFG Intime India Private Ltd is the registrar of the issue.
Published on July 9, 2025
