The aroma of airport coffee and quick-bite counters is heading to Dalal Street. Travel Food Services (TFS), a company behind many of the food and lounge experiences at India’s busiest airports is all set to launch its Rs 2,000 crore IPO.
Let’s take a look at the 7 key factors to watch out for-
Travel Food Services IPO: Price band and lot size
The offer has been priced at Rs 1,045 to Rs 1,100 per share (face value Rs 1). Retail investors must bid for a minimum of 13 shares and in multiples thereof.
Travel Food Services IPO: Pure offer for sale
This IPO is entirely an offer for sale by the Kapur Family Trust. No fresh capital is being raised, so proceeds go to the selling shareholder. Employees, however, get a Rs 104 discount per share in their reserved portion.
Travel Food Services IPO: Opening and closing dates
The subscriptions of this mainboard issue are set to open on Monday, 7 July and will close Wednesday, 9 July.
Travel Food Services IPO: Grey‑market update
Ahead of the opening the issue, the stock is trading at a premium of Rs 92 premium (GMP), hinting at a notional listing price near Rs 1,192, which is roughly 8% above the upper band.
However, it is important to note that this is not the official listing price and may fluctuate based on the market sentiment.
Travel Food Services IPO: Dominant airport footprint
According to CRISIL, TFS commands approx. 26% of India’s airport QSR market and around 45 % of the lounge space by revenue (FY 2025). It operates in 14 Indian airports (including Delhi, Mumbai, Bengaluru) plus outposts in Malaysia and Hong Kong, and even runs QSR formats on nine highways.
Travel Food Services IPO: Financial performance
The revenue of the company jumped 21% year‑on‑year to Rs 1,687.7 crore in FY 2025, while profit grew 27% to Rs 379.7 crore.
Travel Food Services IPO: Who is running the books
Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani are lead managers. Meanwhile, MUFG Intime is the registrar.
Allocation of the issue is as – up to 50% for QIBs, 35% for retail investors, and 15% for non‑institutional bidders.