Travel Food Services IPO

2.11x

subscribed

Travel Food Services IPO

Travel Services
listed
₹13,585Min. investment
  1. Pre-apply
    4 Jul
  2. Bid start
    7 Jul
  3. Bid end
    9 Jul
  4. Allotment
    10 Jul
  5. Release of funds
    11 Jul
  6. Demat transfer
    11 Jul
  7. Listing
    14 Jul

About Travel Food Services Limited

SectorTravel Services
Price range₹1,045 – ₹1,100
IPO type
Regular
Lot size13 shares
Issue size₹2,000Cr
Draft Red Herring Prospectus
Read
Market Cap
₹14,484CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹1,687CrHigher than sector avg
Growth rate3Y CAGR
25.76%

Travel Food Services Limited IPO Overview

Travel Food Services Limited IPO Date

Travel Food Services IPO will open for subscription on July 7, 2025, and the closing date for the IPO is July 9, 2025. After this, investors are expected to be updated about the allotment status on Thursday, July 10, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on July 11, 2025. The shares will be listed on the NSE and the BSE on Monday, July 14, 2025.

Travel Food Services Limited IPO Price Band

The IPO includes an offer for sale only. The IPO price band has been set between ₹1,045 to ₹1,100 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising an offer for sale of ₹ 2,000 crore.

The Travel Food Services IPO listing price will be determined on July 14, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Travel Food Services Limited IPO Lot Size

The Travel Food Services IPO details have been declared. The minimum lot size for an application is 13 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹2,000 crore.

Checklist

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Revenue growth
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹1,687Cr
This sector
₹706.2Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹379Cr
This sector
-₹218.22Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹14,484Cr
This sector
₹5,446.1Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
39.88
This sector
39.13
Compare with companies

Objectives

Offer for sale
The company won't get IPO funds; shareholders will.
Listing on stock exchanges
The company wants to achieve the benefits of listing its shares on the stock exchange.

Strength and Weakness

Strategic airport presence

The company's network of Travel QSRs and lounges spans 14 airports in major hubs, which collectively handled 30.3 crores of passengers in FY25. This represents 89% of the total airport traffic in India's 20 largest airports, positioning the company well to capture growth in the Indian aviation sector. The company serves 74% of the total air passenger traffic in India through its presence in 13 of India's top 15 airports.

Demand and supply growth drivers

India is expected to maintain a healthy growth in domestic and international air passengers, with domestic traffic expected to achieve a CAGR of 8% to 9% and international air passenger traffic a CAGR of 6% to 8% from FY25 to FY34. Meanwhile, on the supply side, airport infrastructure in India has seen increased focus in recent years, as indicated by the capital expenditure for greenfield and brownfield projects. The Government of India targets to increase the number of airports to 300 by 2047, which is positive for the company’s business.

Strong relationships with airport operators

The company has secured long-term concessions through competitive bidding processes with concession terms averaging 8.21 years as of March 31, 2025. The company holds 70 airport concessions across India, Malaysia, and Hong Kong with an average remaining duration of 6.01 years. It has maintained an impressive contract retention rate of 93.94% since opening its first Travel QSR outlet in 2009.

Diversified brand portfolio

The company operates a comprehensive portfolio of 90 F&B brands licensed from international and regional Indian brand partners, along with 37 in-house brands as of March 31, 2025. This includes popular international brands such as KFC, Pizza Hut, Wagamama, Subway, and Krispy Kreme, as well as regional Indian brands. The diversified portfolio strengthens the company's position in competitive concession bidding processes.

Market leadership position

The company operates the largest network of travel QSRs in India, with 384 of its 413 operational outlets situated in airports, and holds approximately 26% market share in the travel QSR sector in Indian airports. In the lounge sector, the company operates the largest network of private lounges in Indian airports, comprising 28 lounges across 10 airports, and commands approximately 45% market share based on revenue.

About Travel Food Services Limited

Incorporated in 2007, Travel Food Services is one of the leading players in India's fast-growing airport travel quick service restaurant (Travel QSR) and lounge sector. It holds approximately 26% market share in the Indian airport travel QSR sector and 45% market share in the Indian airport lounge segment based on revenue in FY25.
Its travel QSR business comprises 384 outlets across 13 domestic airports, 29 outlets across two airports in Malaysia, and 29 outlets across nine highway sites in India, operated directly and through associates and joint ventures. The company utilises a diverse F&B brand portfolio comprising 127 partner and in-house brands, including 32 international brands like KFC, Pizza Hut, and Wagamama; 58 regional Indian brands; and 37 in-house brands.
The lounge business consists of 28 lounges in 10 airports in India, 8 lounges in 3 airports in Malaysia, and 1 lounge in Hong Kong, serving first and business class passengers, airline loyalty program members, and select credit and debit card holders. The company has maintained a contract retention rate of 93.94% from 2009 until March 31, 2025.
The company operates in 14 airports in India, three airports in Malaysia, and one airport in Hong Kong, with 13 of the 14 Indian airports being among the 15 largest airports in the country by passenger traffic in FY25. These 14 airports collectively served 74% of total air passenger traffic in India in FY25, including major hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai.
The Indian aviation sector experienced a CAGR of 9.1% for domestic passengers and 4.2% for international passengers between FY15 and FY25, with the Travel QSR sector growing at approximately 16% CAGR and the lounge industry at approximately 24% CAGR between FY19 and FY25. The Indian airport travel QSR sector is projected to grow at a CAGR of 17-19% from FY25 to FY34, reaching ₹170-180 billion, while the lounge industry is expected to grow at a 22-24% CAGR to reach ₹155-165 billion by 2034.
The company is planning to roll out its ARAYA umbrella brand for global lounge expansion, targeting operations in India, the Middle East (excluding Egypt), and Southeast Asia directly through subsidiaries, while SSP will operate lounges in Europe, North America, and Australasia using the ARAYA concept and paying franchise fees. This strategy leverages the global lounge market's expected growth at 8.5-10.5% CAGR from 2024 to 2029, reaching $15-16 billion by 2034.
Now, Travel Food Services is launching its initial public offering (IPO), which consists of an offer for sale worth over 1.81 crore shares. The total issue size of the IPO is ₹2,000 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

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IPO REVIEW
Travel Food Services IPO
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IPO Subscription Status

Date
QIB
NII
Retail
Total
07-Jul-25
0.03 times (X)
0.07 times (X)
0.15 times (X)
0.08 times (X)
08-Jul-25
0.08X
0.23X
0.3X
0.18X
09-Jul-25
3.24X
1.6X
0.71X
2.11X

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Travel Food Services IPO ?

The issue size of the Travel Food Services IPO is 2000 Cr.

What is 'pre-apply' for Travel Food Services IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Travel Food Services IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.