Upcoming IPO: Travel Food Services files DRHP with Sebi to raise Rs 2000-cr

Upcoming IPO: Travel Food Services (TFS), a Mumbai-based travel quick-service restaurant operator, is planning to go public as the company has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regulator, Securities and Exchange Board of India (Sebi). 

With the public offering, the company seeks to raise Rs 2,000 crore. Notably, the IPO will consist entirely of an offer for sale (OFS) worth around Rs 2,000 crore, with a face value of Re 1, as the Kapur Family Trust plans to divest its stake in Travel Food Services. The offer includes reservations for subscriptions by eligible employees.

  The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers, and not less than 15 per cent and 35 per cent of the net offer is allocated to non-institutional and retail individual investors, respectively.

 

 

Link Intime India is the registrar to the issue, while the book-running lead managers include Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities, and Batlivala & Karani Securities India. 

The equity shares are proposed to be listed on the National Stock Exchange of India (NSE) and BSE. 

The company’s listed industry peers include Jubilant FoodWorks, Devyani International, Sapphire Foods India, Westlife Foodworld, and Restaurant Brands Asia. 

Headquartered in Mumbai, Travel Food Services operates a travel quick-service restaurant and lounge business across airports in India and Malaysia. The company is promoted by SSP Group plc (SSP) and its affiliates—SSP Group Holdings, SSP Financing, and SSP Asia Pacific Holdings—along with the Kapur Family Trust, Varun Kapur, and Karan Kapur. The company launched its first travel quick-service restaurant (QSR) outlet in 2009. 

As of June 30, 2024, the company’s presence spans 14 airports in India, including Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai, as well as three airports in Malaysia. It operates 397 travel QSR outlets across India and Malaysia. Its QSR outlets are predominantly located within airports, with select locations along highways.