Travel Food Services Ltd. has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India to raise up to Rs 2,000 crore through an initial public offering.
The company plans to offer equity shares with a face value of Re 1 each, aggregating up to Rs 2,000 crore, through a pure Offer for Sale. The Promoter, Kapur Family Trust, will sell shares in the offering.
The Kapur Family Trust currently holds a 51% stake in the company, while SSP Asia Pacific Holdings owns the remaining 49%.
The company's travel quick-service restaurant and lounge businesses span 14 airports in India and three airports in Malaysia. Of the 14 airports in India, 13 rank among the country's top 15 largest airports by passenger traffic in Fiscal 2024. These include major airports such as Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai, as mentioned in company's DRHP.
Travel Food Services Ltd. anticipates that the listing will enhance visibility, improve its brand image, provide liquidity, and create a public market for its shares in India, as outlined in the DRHP.
Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani Securities are the lead book running managers for the issue.
Travel Food Services Ltd. is a leader in India's rapidly growing airport Travel QSR and lounge sector, based on revenue in Fiscal 2024, according to a CRISIL report. The company operates 397 Travel QSR outlets and 31 lounges across India, Malaysia, and Hong Kong. With a portfolio of 117 partner and in-house brands, the company caters to the demand for quick and convenient dining in airports and other high-traffic areas.
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