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Travel Food Services IPO
2.11xsubscribed

Travel Food Services IPO

Travel Services
listed
₹13,585Min. investment

Travel Food Services Limited IPO Details

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 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

As on 07-Jul-25, 5:30 PM

Travel Food Services IPO Timeline

  1. Pre-apply
    4 Jul 2025
  2. Bid start
    7 Jul 2025
  3. Bid end
    9 Jul 2025
  4. Allotment
    10 Jul 2025
  5. Release of funds
    11 Jul 2025
  6. Demat transfer
    11 Jul 2025
  7. Listing
    14 Jul 2025

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.

Travel Food Services Limited IPO Analysis

IPO REVIEW

Travel Food Services IPO | Analysis Video

Should you apply?

Watch our analysts break down the Travel Food Services Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
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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.

Objectives of Travel Food Services Limited IPO

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.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratio
This IPO₹1,687Cr25.76%₹379Cr₹14,484Cr39.88
This sector (avg.)₹706.2Cr----₹218.22Cr₹5,446.1Cr39.13
₹4,674.77Cr---₹1,314.9Cr₹49,844Cr36.34
₹1,737.47Cr---₹229.89Cr₹14,832.1Cr62.60
₹914.25Cr---₹60.25Cr₹9,068.08Cr147.31

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Travel Food Services IPO Contact Details

Company NameTravel Food Services Limited

How to apply for Travel Food Services IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Travel Food Services Limited IPO FAQs

Investors can apply for the Travel Food Services IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Travel Food Services IPO is 2000 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Travel Food Services IPO will be open between 2025-07-07 and 2025-07-09.
Travel Food Services IPO allotment date is 2025-07-11. For Travel Food Services IPO allotment status check, you can visit the website of the registrar of the IPO.
For Travel Food Services IPO, the IPO registrar is MUFG Intime India Private Limited. You can check Travel Food Services IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Travel Food Services IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Travel Food Services IPO lot size is 13 and minimum order quantity is 13.
Travel Food Services IPO has set the price band for its IPO at 1100 per equity share with a face value of 1.