Travel Food Services Gets SEBI Nod For Rs 2,000-Crore IPO
The Mumbai-based company filed its IPO papers with SEBI on Dec. 10, 2024 and obtained its observations letter on April 22, the update showed.
Travel Food Services Ltd., which operates quick-service restaurants and lounge business across airports in India and Malaysia on Tuesday received Securities and Exchange Board of India approval to raise funds through an initial public offering worth Rs 2,000 crore.
The Mumbai-based company filed its IPO papers with SEBI on Dec. 10, 2024 and obtained its observations letter on April 22, the update showed.
The market regulator issued its observation letter, which means a formal go ahead.
The proposed IPO is entirely an offer-for-sale of shares worth Rs 2,000 crore with a face value of Re 1 by promoter Kapur Family Trust, according to the draft red herring prospectus. The offer includes reservations for subscriptions by eligible employees.
Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholder.
Kotak Mahindra Capital Company Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd., ICICI Securities Ltd., and Batlivala & Karani Securities India Pvt. Ltd., are the book-running lead managers and Link Intime India Pvt. Ltd., is the registrar to the issue.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd. and BSE Ltd.
Travel Food Services is a leading player in the fast-growing Indian airport travel quick service restaurant and lounge sectors based on revenue in fiscal 2024, according to the CRISIL Report.
Travel Food Services launched its first travel quick-service restaurant outlet in 2009. Its travel QSR business comprises a range of curated food and beverage concepts across cuisines, brands, and formats adapted to cater to customers’ demands for speed and convenience within travel environments, according to an official release.
It utilises its F&B brand portfolio, comprising 117 partner and in-house brands, in the operation of 397 Travel QSRs across India and Malaysia, as of June 30, 2024. Its travel QSRs are predominantly situated within airports, with select outlets in highway sites.
It had 31 lounges across India and Malaysia as of June 30, 2024. In addition, a new Lounge was opened in Hong Kong in July 2024. Through its Travel QSR and Lounge businesses, it is present in 14 airports in India and three airports in Malaysia, as of June 30, 2024.
The company operates the largest network of Travel QSR outlets and airport Travel QSR outlets in India as of March 31, 2024, with 313 of our 340 operational outlets being situated in airports and the remaining in highway sites.
