Here are the full details of Travel Food Services Limited IPO:
Travel Food Services Limited IPO Dates
- IPO Open: July 3, 2025
- IPO Close: July 7, 2025
- Basis of Allotment: July 8, 2025
- Refunds & Credit: July 9, 2025
- Listing Date: July 10, 2025 on BSE & NSE
Travel Food Services Limited IPO Details
- Face Value: ₹1 per share
- Price Band: Yet to be announced (₹ [band TBA])
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 13,16,79,484 shares
Promoters of Travel Food Services Limited IPO
1. SSP Group plc & Affiliates
- SSP Group plc, a FTSE 250–listed global foodservice operator headquartered in London, holds an indirect stake (~50%) in Travel Food Services via its Indian JV. SSP originally acquired 49% in 2016 for £57.9 million and plans to raise this to ~50.01% before the IPO.
SSP’s affiliate entities include:
- SSP Group Holdings Ltd
- Financing Ltd
- SSP Asia Pacific Holdings Ltd
2. Kapur Family Trust (K Hospitality Corp)
- The Kapur Family Trust, operating under K Hospitality Corp, owns the remaining promoter stake (~51%) and serves as the selling shareholder for the IPO.
- This trust is the vehicle through which the Kapur family retains ownership and transfers shares during the Offer for Sale process.
3. Varun Kapur (Managing Director & CEO)
- Varun Sunil Kapur, MD & CEO of Travel Food Services, has been a director since February 1, 2013, and is a key promoter associated with the Kapur Family Trust.
- His leadership is instrumental in daily operations and strategic positioning in India.
4. Karan Kapur (Non‑Executive Director)
- Appointed on June 27, 2018, Karan Kapur is also a promoter connected to the Kapur Family Trust.
- While non-executive, he brings structural support and governance oversight.
Travel Food Services Limited IPO Promoter Holding
Here’s a clear breakdown of the promoter holding pattern in Travel Food Services Limited (pre‑IPO, based on DRHP and other filings):
| Promoter Entity | Pre‑IPO Stake (%) | Post‑IPO (Target) Stake (%) |
|---|---|---|
| Kapur Family Trust (K Hospitality Corp) | ~51 % | Decreasing (selling under OFS) |
| SSP Asia Pacific Holdings Ltd (affiliates of SSP Group plc) | ~49 % | ~50.01 % (includes ~1.01 % share purchase prior to IPO) |
| Total Promoter Holding | 100 % | 100 % (Ownership shift remains within promoters) |
Key Insights
- Kapur Family Trust is the primary promoter and will be selling a portion of its ~51% holding via the Offer for Sale; post-IPO, its stake will reduce accordingly.
- SSP Asia Pacific Holdings Ltd (part of global SSP Group plc and affiliates) currently owns ~49% and is set to increase indirectly to ~50.01% by acquiring ~1.01% pre-IPO.
- Overall control remains within promoters—combined promoter shareholding remains 100%, but the internal distribution shifts.
About Travel Food Services Limited
- Establishment & Ownership: Joint venture launched in 2009 between SSP Group plc (a FTSE 250 global travel–F&B leader) and Kapur Family Trust under K Hospitality Corp.
- Headquarters: Mumbai, India.
Network & Presence
- QSR outlets: ~397 spread across 14 Indian airports (major ones like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, Chennai) and 3 in Malaysia.
- Lounges: Over 30 lounges under the “ARAYA” brand in India & Malaysia, plus one in Hong Kong launched July 2024.
- Brands: Manages 117 partner and in‑house brands—international (KFC, Pizza Hut, Wagamama, Coffee Bean & Tea Leaf, Subway), regional (Wow Momo, Bombay Brasserie), and proprietary (Caféccino, Dilli Streat, idli.com, Curry Kitchen).
Business Model
- Focused on airport & travel‑hub foodservice, adapting for fast-paced traveller needs.
- everages long-term concessions with airport authorities to build and manage QSR and lounge facilities.
- Backed by SSP’s global operational expertise and the Kapur family’s local market know-how.
Geographical Presence & Network
- Airports: Present in 14 Indian airports (e.g., Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, Chennai) and three in Malaysia as of June 30, 2024.
Outlets:
- 397 Travel QSR outlets—335 in Indian airports, 30 in Malaysia, plus 32 highway units.
- 31 lounges across India and Malaysia, with an additional lounge in Hong Kong as of July 2024.
Growth Drivers & Strategic Strengths
- Airport traffic growth: Rising passenger volumes drive QSR and lounge demand.
- Diversification: A balanced mix of global, regional, and proprietary F&B brands appeals to diverse traveler tastes.
- Strong partnerships: Concession agreements offer long-term revenue visibility; 92% contract retention signals stability.
- Global–local synergy: SSP brings international operational scale; Kapur offers local expertise.
IPO Overview
- Structure: ₹2,000 cr Offer-for-Sale (OFS) by Kapur Family Trust (no fresh capital raised by TFS).
- Promoters: Kapur Family Trust (~51%), SSP Asia Pacific Holdings (~49%).
- Regulatory Approval: Received SEBI clearance on April 22, 2025.
- Lead Managers & Registrar: Kotak, HSBC, ICICI Securities, Batlivala & Karani; registrar is Link Intime India.
Travel Food Services Limited Financial Information
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | Mar 31 2023 | 31 Mar 2022 |
| Assets | ₹1,771.16 Crore | ₹1,623.39 Crore | ₹1,332.32 Crore | 1,056.49 Crore |
| Revenue | ₹425.20 Crore | ₹1,462.29 Crore | ₹1,103.58 Crore | ₹441.66 Crore |
| Profit After Tax | ₹59.55 Crore | ₹298.02 Crore | ₹251.30 Crore | ₹5.03 Crore |
| EBITDA | ₹132.89 Crore | ₹549.89 Crore | ₹458.05 Crore | ₹140.27 Crore |
| Net Worth | ₹851.83 Crore | ₹796.00 Crore | ₹651.12 Crore | ₹406.51 Crore |
| Reserves and Surplus | ₹847.96 Crore | ₹792.13 Crore | ₹647.25 Crore | ₹402.64 Crore |
| Total Borrowing | ₹66.97 Crore | ₹63.78 Crore | ₹31.05 Crore | ₹38.17 Crore |
- Assets have grown steadily from ₹10.6 billion to ₹17.7 billion by June 2024.
- Revenue surged ~31% in FY24 to ₹1,396.3 cr, and annualised FY25 reached ₹1,639.4 cr.
- PAT grew to ₹298.0 cr in FY24 (+18.6%), with Q1 FY25 yielding ₹59.6 cr; annualised FY25 PAT is ₹238.2 cr.
- EBITDA rose from ₹458.1 cr in FY23 to ₹549.9 cr in FY24; annualised FY25 EBITDA stands at ₹531.6 cr.
- Net Worth increased from ₹416.0 cr (FY22) to ₹814.9 cr (FY24); as of June 2024 it was ₹869.3 cr.
- Total Debt remained low, climbing modestly from ₹31.1 cr in FY23 to ₹63.8 cr in FY24, and ₹67.0 cr by June 2024.
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROE | 36.57% |
| ROCE | 49.97% |
| RoNW | 36.14% |
| PAT Margin | 20.38% |
| EBITDA Margin | 39.38% |
Objectives of the Issue (Travel Food Services Limited IPO)
Offer for Sale by Promoter
- Up to ₹2,000 crore worth of shares will be sold by the Kapur Family Trust. No fresh shares are being issued, and no capital infusion will be made into the company.
Employee Reservation
- A reserved portion of the Offer will be set aside specifically for eligible employees, enabling internal stakeholders to participate.
Key Takeaways
- No Fresh Funds Raised: All proceeds will flow to the promoter—there’s no dilution or capital addition to the company.
- Liquidity for Promoter: The Kapur Family Trust intends to monetize a part of its stake (~51%) through this OFS.
- Employee Participation: The issue includes an employee reservation component to align internal interests.
Strengths of Travel Food Services Limited IPO
1) Market Leadership in Travel F&B
- TFS is one of the largest travel-focused food service operators in India, present across 14 major airports and internationally in Malaysia and Hong Kong. Their ~24% revenue share in the Indian travel-QSR space and ~45% share in airport lounges demonstrate dominance.
2) Diversified Brand Portfolio
- The company manages 117 brands—global (KFC, Pizza Hut, Subway, Wagamama), regional (Wow Momo, Bombay Brasserie), and in-house (Caféccino, Curry Kitchen). This mix gives it flexibility across customer segments and price points.
3) Strong Financial Growth
- TFS reported a ~31% revenue growth in FY24 and a PAT of ₹298 crore. With strong EBITDA margins (39.4%) and return metrics (ROE at 36.1%), the business shows scalability and profitability.
4) Low Debt, High Efficiency
- With a debt-to-equity ratio below 0.1 and a consistently rising net worth, TFS has maintained capital efficiency. ROCE stands at 50%, and most expansion is funded internally.
5) Long-Term Concession Agreements
- The company has long-term airport contracts (some up to 10–15 years), with a 92% contract retention rate—indicating strong relationships and operating security in high-footfall zones.
6) Support from Global Parent (SSP Group)
- SSP Group plc, a global F&B leader, brings operational experience and international standards, enhancing credibility and governance.
Risks of Travel Food Services Limited IPO
1) High Dependence on Travel Industry
- TFS’s revenue is tightly linked to airport traffic. Any disruption—like pandemics, geopolitical issues, or regulatory airport shutdowns—can severely affect sales and margins.
2) Concession Agreement Risk
- The company operates mainly through long-term concession contracts. Non-renewal, renegotiation at unfavorable terms, or loss of key airport contracts can reduce its footprint and revenue.
3) Offer-for-Sale Structure
- Since the IPO is 100% OFS, the company doesn’t raise fresh capital. It’s a promoter exit move (Kapur Family Trust), which may raise concerns about growth funding or long-term strategic intent.
4) Competitive Pressure
- The airport F&B space is seeing new entrants and evolving consumer expectations. TFS must constantly innovate and upgrade outlets to maintain customer loyalty.
5) Limited Geographic Diversification
- Despite operating abroad (Malaysia and one lounge in Hong Kong), over 95% of revenue still comes from India, making the company vulnerable to domestic economic or regulatory shocks.
6) Rising Costs and Inflation
- Inflation in food prices, staff wages, and concession fees may affect margins. Maintaining profitability while scaling in high-rent areas like airports is a continual challenge.
Travel Food Services Limited Contact Details
📍 Corporate & Registered Office
Block-A, South Wing, 1st Floor, Shiv Sagar Estate
Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
📞 Phone Numbers
- Office Switchboard: +91 22 4322 4322
- Fax: +91 22 4322 4300
📧 Email Addresses
- General Inquiries / Supplier Enquiries: info@travelfoodservices.com or supply@travelfoodservices.com
- Business Development: bd@travelfoodservices.com
- Customer Service: customerservice@travelfoodservices.com
- Compliance & Investor Relations: cs@travelfoodservices.com
🏢 Registrar & Investor Grievance Office
MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd)
C‑101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083
- Phone: +91 81081 14949
- IPO Queries Email: travelfood.ipo@in.mpms.mufg.com
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