IPO
Airport lounges operator Travel Food Services’ Rs.2,000-Cr IPO subscribed 3x
Economic Times Travel Food Services Ltd
Mumbai-based restaurant and lounge operator Travel Food Services ’ INR 2,000 crore initial public offering (IPO) was subscribed 3.03 times. The IPO was a pure offer for sale (OFS) of 1.82 crore equity shares by existing shareholders including SSP Group and the Kapur Family Trust. The price band was set at INR 1,045 to INR 1,100 per share.The Qualified Institutional Buyers (QIBs) portion was subscribed 8.10 times, while non-institutional investors (NIIs) subscribed 1.67 times. The retail portion remained undersubscribed at 0.73 times and the employee portion was subscribed 1.81 times. The company had raised INR 598.8 crore from anchor investors.Incorporated in 2007, Travel Food Services Ltd operates 397 quick service restaurants (QSRs) and lounges across 3 airports in Malaysia and 14 airports in India including Delhi, Mumbai, Bengaluru, Chennai, and Hyderabad.
For FY24, Travel Food Services had reported about INR 1,396 Cr in Operating Income and about INR 298 Cr in PAT.
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