Thinking about subscribing to the Travel Food Services IPO? Check out our easy-to-read guide with GMP details, key dates, and whether it’s worth your paisa. Perfect for Indian investors looking to make a smart move!
- Bank Holidays 2025: Are banks open or closed today, June 7?
- OPEC+ opens oil tap wider before planned August hike, raising fears of price fall
- Gold Prices Soar as Trump Announces New US Tariffs: What It Means for India
- Jane Street Had a Secret Strategy, India Says It’s Manipulation
- Trent shares sink 7% on lower-than-expected growth in Q1; Nuvama downgrades to ‘hold’
The Rs 2,000-crore IPO of Travel Food Services, India’s largest operator of airport-centric quick service restaurants (QSRs) and lounges, will open for subscription today and will close on July 9. The IPO is entirely an offer for sale by promoters SSP Asia Pacific Holdings and the Kapur Family Trust, with no fresh issue component.
The company has priced its offer in the range of Rs 1,045–Rs 1,100 per share, and investors can bid for a minimum of 13 shares. The IPO has drawn interest in the grey market, with a GMP of Rs 45, or about 4% over the issue price, indicating a moderate listing premium.
Travel Food Services has built a dominant footprint in the travel F&B space, with a 26% market share in airport QSRs and 45% in private lounges by FY25 revenue. As of March 2025, it operates 442 QSR outlets and 37 lounges across top Indian airports and international locations such as Malaysia and Hong Kong.
What’s the Deal with Travel Food Services?
Travel Food Services (TFS) is the big bhai of airport food and lounges in India. Ever grabbed a quick burger at a Delhi or Mumbai airport or chilled at one of those fancy lounges? Chances are, TFS was behind it. They run 442 quick-service restaurants (QSRs) and 37 lounges across 14 Indian airports, plus some in Malaysia and Hong Kong. They’ve got a solid 26% share in India’s airport QSR market and a whopping 45% in the lounge segment, according to CRISIL’s FY25 report. Not bad, na?Their ₹2,000 crore IPO is all about an offer for sale (OFS) by the Kapur Family Trust, meaning no new shares are being issued, and the company won’t get any fresh cash. The price band is set at ₹1,045 to ₹1,100 per share, and it’s open for subscription from July 7 to July 9, 2025. The shares are expected to list on the BSE and NSE on July 14, 2025. Oh, and they’ve already pocketed ₹599 crore from anchor investors like ICICI Prudential and Abu Dhabi Investment Authority, so the big players are showing some love
Grey Market Premium (GMP): What’s the Hawa?
The grey market premium (GMP) is like the jugaad way to gauge how much buzz an IPO has before it lists. For TFS, the GMP is a bit like a thanda coffee—mild. It’s hovering around ₹30 to ₹94, depending on the source. For example:
- Investorgain.com reported a GMP of ₹30, which is about 2.73% above the upper price band of ₹1,100, suggesting a listing price around ₹1,130.
- Other sources like IPOWatch.in noted a high of ₹94 on July 3 but a drop to ₹32 on July 7, hinting at a notional listing price near ₹1,192 (8% above the upper band).
- Economic Times pegged the GMP at ₹45–50, pointing to a modest 4% listing gain.
This mild GMP means the market isn’t going gaga over the IPO, but there’s still some interest. Keep in mind, GMP isn’t a guaranteed predictor—it’s like betting on whether it’ll rain this afternoon. Market sentiment can change faster than a Virar fast local!
Key Details to Know
Here’s the masala you need to know about the TFS IPO:
- IPO Size: ₹2,000 crore (all OFS, no fresh issue).
- Price Band: ₹1,045–₹1,100 per share.
- Lot Size: 13 shares (minimum investment for retail investors: ~₹14,300). You can bid for up to 13 lots (169 shares, ~₹1,85,900).
- Subscription Dates: July 7–July 9, 2025.
- Allotment Date: July 10, 2025 (tentative).
- Listing Date: July 14, 2025 (tentative, on BSE and NSE).
- Anchor Investors: Raised ₹599 crore from 33 big names like Kotak MF and Fidelity.
- Book-Running Managers: Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani Securities.
- Registrar: MUFG Intime India Pvt Ltd.
Final Funda
The Travel Food Services IPO is like ordering a thali—it’s got a bit of everything, but you need to know what you’re biting into. It’s a unique chance to invest in India’s airport food scene, but the mild GMP and OFS structure mean it’s not a guaranteed blockbuster. If you’re a jugaadu investor with a high-risk appetite, it could be worth a shot. Otherwise, keep your paisa safe and watch how the subscription plays out.What’s your take? Are you subscribing or waiting for the next big IPO? Drop your thoughts below, and let’s bakar about it!
