Travel Food Services IPO
Travel Food Services IPO — date, price band, lot size & details 2025
Travel Food Services listed on 14 Jul 2025 at ₹1,125, 2.3% above the ₹1,100 issue price.
Travel Food Services runs travel quick service restaurants and airport lounges in India, Malaysia and Hong Kong. Its brand portfolio had 127 partner and in-house brands on 31 March 2025.
Stock price
Travel Food Services is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 07 Jul 2025
- Close 09 Jul 2025
- Allotment 10 Jul 2025
- Refund/credit 11 Jul 2025
- Listing 14 Jul 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 7 to 9 Jul, 2025 |
|---|---|
| Price Band | ₹1045 – ₹1100 |
| Face Value | ₹1 |
| Lot Size | 13 Shares |
| Issue Size | ₹2000 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 104.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,300 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 13 shares at the ₹1100 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 13 | ₹14,300 |
| Retail (max) | 13 | 169 | ₹1,85,900 |
| S-HNI (min) | 14 | 182 | ₹2,00,200 |
| S-HNI (max) | 69 | 897 | ₹9,86,700 |
| B-HNI (min) | 70 | 910 | ₹10,01,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 1,103.58 crore in FY2023 to Rs 1,762.71 crore in FY2025.
- 02Profit after tax rose from Rs 251.30 crore in FY2023 to Rs 379.66 crore in FY2025.
- 03The EBITDA margin was 40.07% and the PAT margin was 21.54%.
- 04Return on equity was 35.47% and return on capital employed was 51.40%.
- 05The source shows no borrowing on 31 March 2025, and net worth was Rs 1,048.45 crore.
Risks · 5
- 01The whole Rs 2,000 crore issue was offer for sale. The company got no fresh money.
- 02The P/E was 38.15 at the upper band of Rs 1,100, based on EPS of Rs 28.83.
- 03The business depends on airport concessions and air traffic, so a fall in travel would hit the Rs 1,762.71 crore income directly.
- 04Promoters held 100% before the issue and still held 86.19% after it, so public float is small.
- 05The RHP lists dependence on concession agreements as a risk, and total assets of Rs 1,902.73 crore are tied to those operations.
Three years of numbers
All figures in ₹ crore, as reported in the Travel Food Services offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,902.73 | 1,696.44 | 1,332.32 |
| Total Income | 1,762.71 | 1,462.40 | 1,103.58 |
| Profit After Tax | 379.66 | 298.12 | 251.30 |
| EBITDA | 676.35 | 549.99 | 458.05 |
| NET Worth | 1,048.45 | 869.05 | 651.12 |
| Reserves and Surplus | 1,040.24 | 869.74 | 651.60 |
| Total Borrowing | 63.78 | 31.05 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Travel Food Services RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Travel Food Services IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹28.83 | ₹28.83 |
| P/E Ratio (x) | 38.15 | 38.15 |
| Market Cap at Offer Price (₹ Cr) | ₹14,485.81 | ₹14,485.81 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹1100 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Travel Food Services IPO will be updated shortly.
Travel Food Services IPO Anchor Investors
33 anchor investors across 22 fund houses committed ₹598.81 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The restaurant business offers food and beverage concepts built for speed and convenience. The brand portfolio had 127 partner and in-house brands on 31 March 2025.
The lounges are used by first and business class passengers, airline loyalty members and select card holders. The promoters include the SSP group of companies and the Kapur family.
The IPO was entirely an offer for sale of Rs 2,000 crore, so the company received no money from it.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Travel Food Services IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
HSBC Securities & Capital Markets (India) Pvt. Ltd.
13 issues handledBest listing: Tenneco Clean Air India (+27.2%). Weakest: Canara HSBC Life Insurance Co (0.0%).
ICICI Securities
34 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Kotak Mahindra Capital Company Limited
30 issues handledBest listing: Moneyview (+61.8%). Weakest: Amagi Media Labs (-12.2%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Travel Food Services?
The current Grey Market Premium is ₹24, or 2% over the issue price.
What is the Travel Food Services IPO price band?
₹1045 to ₹1100, on a face value of ₹1.
When is the allotment?
The basis of allotment is 10 July 2025, with listing on 14 July 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
