Highlights: When is Travel Food Services IPO listing? Check GMP trend

As of July 10, 2025, 5:54 PM, the Grey Market Premium (GMP) for the Travel Food Services IPO stands at ₹5. With a price band set at ₹1,100, the IPO is expected to list at around ₹1,105. This implies a potential listing gain of approximately 0.45% per share.

Ahead of its IPO launch, Travel Food Services secured ₹598.8 crore from anchor investors. The anchor roster featured prominent names such as ICICI Prudential MF, Abu Dhabi Investment Authority, Kotak MF, Axis MF, Fidelity, HDFC Life, and Tata AIA Life Insurance.

Notably, more than 43% of the anchor allocation was picked up by seven domestic mutual funds across 15 different schemes.

Travel Food Services Limited opened its initial public offering (IPO) on July 7, 2025. The bidding window will remain open until July 9, 2025. The allotment of shares is likely to be finalised on July 10, 2025, with the company’s listing expected on both the BSE and NSE on July 14, 2025

Travel Food Services Limited (TFS), established in 2009, is one of India’s top travel retail and food service providers, serving passengers across key transportation hubs. The company runs a wide array of food and beverage outlets at airports, railway stations, and highways throughout the country.

TFS offers a mix of in-house concepts and well-known international and domestic brands, including KFC, Domino’s, Starbucks, and Café Coffee Day, catering to diverse customer preferences. With a strong footprint in major airports such as Mumbai, Delhi, Bengaluru, and Chennai, TFS has become a key player in redefining India’s travel dining landscape.

Kotak Mahindra Capital Company Limited, HSBC Securities & Capital Markets Pvt Ltd, ICICI Securities Limited, and Batlivala & Karani Securities India Private Limited are acting as the book-running lead managers for the Travel Food Services IPO. MUFG Intime India Private Limited (formerly Link Intime) has been appointed as the registrar for the issue.

Travel Food Services’ ₹2,000 crore IPO is being launched through the book-building route and consists entirely of an offer for sale (OFS) of 1.82 crore equity shares. Investors can bid for a minimum lot of 13 shares, requiring a minimum investment of ₹13,585. The price band for the issue has been fixed at ₹1,045 to ₹1,100 per share.

Travel Food Services Limited opened its initial public offering (IPO) on July 7, 2025. The bidding window will remain open until July 9, 2025. The allotment of shares is likely to be finalised on July 10, 2025, with the company’s listing expected on both the BSE and NSE on July 14, 2025

The initial public offering (IPO) of Travel Food Services is a complete offer for sale (OFS), comprising 1,81,81,818 equity shares at the upper end of the price band. The issue, valued at ₹2,000 crore, will see the promoter group, the Kapur Family Trust, offload its stake.

As part of the IPO, a portion has been reserved for eligible employees, who are offered shares at a discount of ₹104 per share compared to the final issue price. There is no fresh equity component in this IPO, meaning all proceeds will go directly to the selling shareholders.

The grey market premium (GMP) for Travel Food Services IPO stood at ₹0 today, indicating that the shares were trading at their issue price of ₹1,100 with neither a premium nor a discount, as per investorgain.com.

Over the past 14 sessions, the GMP has shown a downward trend and is expected to decline further. According to market insights from investorgain.com, the GMP has ranged between ₹0 and ₹92 during this period. The GMP reflects investors’ willingness to pay above the IPO issue price in the unofficial market.

Kotak Mahindra Capital Company is at the helm as the book-running lead manager for the ₹2,000 crore Travel Food Services IPO, overseeing its smooth journey to the stock market. On the backend, MUFG Intime India Private Limited (formerly Link Intime) is serving as the registrar, responsible for managing allotments, processing refunds, and handling investor queries.

“TFSL is well-positioned to benefit from India’s rapidly growing aviation sector. It presents a compelling growth opportunity with a dominant 26% market share in airport QSRs and 45% in lounges and a strong concession retention rate of 93.9%. Co is increasing its footprint across the new airports and highways and has international lounge expansion plans under the ARAYA brand. Revenues/EBIDTA have grown at a CAGR of 63%/87.9%% over FY22-25 with good return ratios of ROCE of 51.4%. At higher price band, IPO is available at attractive valuation of EV/EBITDA of 25x which is below the industry average of 28.6x,” said the brokerage firm Nirmal Bang in its report.

“TFS is a proxy to the Indian aviation growth story. It has a strong presence across all the major airport terminals across India as well as concession wins at both the upcoming new airports at Greater Noida and Navi Mumbai. The brand portfolio has a healthy mix of third party and in-house QSR brands. At the upper price band of Rs 1,100, the stock is likely to trade at 39.9x FY25 EPS which is at a discount to listed QSR companies. TFS has superior margins and return ratios along with strong balance sheet,” said SBI Securities in its IPO note.

Here’s a quick guide to check your allotment status through the official registrar’s portal – MUFG Intime India (formerly Link Intime).

Step-by-step process:

Visit the MUFG Intime India website.

Navigate to the IPO allotment status section.

From the dropdown list, select ‘Travel Food Services IPO’.

Choose one of the identification methods – PAN, Application Number, DP ID/Client ID, or Bank Account Number.

Enter the required details.

Click on ‘Search’ to view your allotment status.

Once submitted, the system will show whether shares have been allotted to your name.

If you are waiting to find out whether you have secured shares in the Travel Food Services IPO, checking your allotment status on the NSE website is simple and hassle-free. Here is how you can do it –

Visit the official NSE IPO Application Status page.

Click on ‘Equity and SME IPO Bid Details’.

From the dropdown menu, select ‘Travel Food Services’ as the IPO you’re tracking.

Enter your Application Number and PAN as requested.

Click Submit to view your allotment status.

If you have applied for the Travel Food Services IPO and are eagerly awaiting the allotment results, here is a quick and easy way to check your status on the BSE website. Follow these simple steps-

Head to the BSE IPO Allotment Status Page.

Under Issue Type, select ‘Equity’.

From the dropdown menu, find and select ‘Travel Food Services’.

Enter either your Application Number or PAN (Permanent Account Number).

Complete the captcha by ticking ‘I’m not a robot’, then hit the Search button.

Travel Food Services has raised Rs 598.80 crore from anchor investors, just ahead of its Rs 2,000 crore initial public offering (IPO) set to open on Monday, July 7. The company allotted 54,43,635 equity shares at Rs 1,100 apiece to a host of marquee institutional investors on Friday, July 4. The anchor book saw participation from several well-known names including ICICI Prudential Mutual Fund, Abu Dhabi Investment Authority, Axis Mutual Fund, Fidelity Investment Trust Emerging Asia Fund, and Government Pension Fund Global, among others.

Out of the total anchor allocation, 43.49%, equivalent to 23,67,527 equity shares went to seven domestic mutual funds across 15 different schemes. Other notable investors in the anchor list include Kotak Mutual Fund, Tata AIA Life Insurance, Amundi Funds New Silk Road, and Samsung India Securities.

Also Read: Travel Food Services raises Rs 598 crore from anchor investors ahead of Rs 2,000 crore IPO launch

“At the upper price band, the company’s FY25 price-to-earning (P/E) ratio stands at 38.2x, with a post-issue market capitalization of Rs 1,44,847 million. The company, a leader in QSR services at airports and highways, is expanding its presence in line with rising consumer spending and airport infrastructure development,” said Anand Rathi in its IPO note.

Kotak Mahindra Capital Company is leading the charge as the book-running lead manager for the Travel Food Services IPO, steering the Rs 2,000 crore issue through its listing journey. Handling the backend operations, MUFG Intime India Private Limited (formerly Link Intime) has been appointed as the registrar, managing share allotments, refunds, and investor-related queries.

“Travel Food Services’ initial issue is priced at 26.1x TTM EV/EBITDA, below the QSR peer average of 31.9x TTM EV/EBITDA. We believe the issue is priced attractively, compared to its listed peers. Not only it has been able to scale up its operations and overall revenue in-line with it peers but has also managed to improve gross and EBITDA margins. We expect the Company to continue expanding its presence over the country and overseas both into QSR outlets and lounges,” Deven Choksey Research in its IPO note.

“For the last three fiscals, the company has (on a proforma consolidated basis) posted an average EPS of Rs. 7.70 and an average RoNW of 35.16 %. The issue is priced at a P/BV of 8.52 based on its NAV of Rs. 28.76 as of December 31, 2024, as well as on post-IPO NAV. If we attribute FY25 earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 28.03. Based on FY24 earnings, the P/E stands at 36.35,” said Bajaj Broking in its IPO note

According to market buzz, the grey market premium (GMP) for Travel Food Services is currently flat, suggesting a potential listing around Rs 1,110, matching the IPO’s upper price band.

While this gives a rough estimate of how the stock might debut, it is worth noting that GMP is unofficial and the actual listing price may vary depending on investor sentiment and broader market conditions.

Investors who applied for shares in the Rs 2,000 crore Travel Food Services IPO won’t have to wait much longer. The allotment status for this public issue is expected to be finalised today, July 10.

Once processed, applicants can visit the official website of MUFG Intime India Pvt Ltd (formerly Link Intime), the IPO registrar, to check whether they have been allotted shares. The allotment link is expected to go live later in the day.

The Travel Food Services IPO saw an overall subscription of 3.03 times, driven by demand from institutional investors who subscribed 8.10 times their allocated quota. Non-institutional investors followed with a subscription of 1.67 times, while retail investor participation was relatively muted at 0.73 times.

Travel Food Services’ Rs 2,000 crore IPO, entirely an Offer for Sale by the Kapur Family Trust, wrapped up its three-day bidding window from July 7 to July 9. With no fresh issue component, the proceeds will go solely to the selling shareholder. The stock is now set to debut on both the BSE and NSE on July 1.