Travel Food Services IPO
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Schedule of Travel Food Services
| Issue open date | 07 Jul 2025 |
| Issue close date | 09 Jul 2025 |
| UPI mandate deadline | 09 Jul 2025 (5 PM) |
| Allotment finalization | 10 Jul 2025 |
| Refund initiation | 11 Jul 2025 |
| Share credit | 11 Jul 2025 |
| Listing date | 14 Jul 2025 |
| Mandate end date | 24 Jul 2025 |
| Lock-in end date for anchor investors (50%) | 09 Aug 2025 |
| Lock-in end date for anchor investors (remaining) | 08 Oct 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Travel Food Services
Travel Food Services (TFS), established in 2007 and headquartered in Mumbai, is a prominent player in India’s travel food and beverage (F&B) sector. Operating over 442 F&B outlets and 37 lounges, TFS has presence in 18 airports in India, Malaysia and Hongkong. A joint venture between K Hospitality Corp and the UK’s SSP Group, TFS has a portfolio of 127 brands for airports, including KFC, Jamie Oliver’s Kitchen, and Brioche Dorée. The company focuses on enhancing travel experiences by providing curated dining concepts and premium lounge services at major travel hubs. In FY25, TFS reported revenues of ₹1,687 crore, reflecting a 21% year-on-year growth.
Financials of Travel Food Services
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹2000 crores |
| Offer for sale | ₹2000 crores |
Strengths
- Market leader in Travel QSR (26%) and Lounge (45%) segments at Indian airports (FY25, CRISIL).
- Diverse F&B portfolio of 127+ brands—international, regional, and in-house.
- Proven expertise in airport F&B operations under complex and secure conditions.
- Robust financials: 21% revenue and 27% net profit growth, with 50%+ RoCE in FY25.
- Strong balance sheet: zero debt and ₹600+ crore in cash as of Mar-25.
- Industry recognition, including “Asia’s Leading Airport Lounge” award.
Risks
- High dependence on passenger traffic makes revenue vulnerable to travel trends.
- Sensitive to economic slowdowns and geopolitical disruptions.
- Intense competition from both domestic and international F&B operators in the travel sector.
- Operational complexity in ensuring consistent service quality across locations.
- Planned IPOs could face delays due to market volatility.
Allotment Status for Travel Food Services
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Subscription Figures for Travel Food Services
Subscription numbers as of 5:00 PM on 09 July 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 36.29 | 293.98 | 8.10x |
| NII | 27.21 | 45.36 | 1.67x |
| Retail | 63.50 | 46.61 | 0.73x |
| Employees | 0.40 | 0.73 | 1.81x |
| Total | 127.42 | 386.69 | 3.03x |