Travel Food Services IPO Takes Off: ₹2,000 Cr Offer to Fuel Airport F&B Expansion

Travel Food Services Ltd (TFS), India’s leading airport food and beverage operator, has launched its much-anticipated ₹2,000 crore IPO, opening for subscription from July 7 to July 9, 2025. The issue is a 100% Offer for Sale (OFS) by the Kapur Family Trust, with no fresh capital infusion. The price band is set at ₹1,045–₹1,100 per share, and the minimum lot size is 13 shares.
 

TFS operates 413 outlets, including 384 at Indian airports, and runs 37 lounges across India, Malaysia, and Hong Kong. Backed by the UK-based SSP Group, the company commands a 24% market share in India’s airport QSR segment and 45% in airport lounges.

 

Key Highlights:

 

- IPO Size: ₹2,000 crore (entirely OFS)

- Price Band: ₹1,045–₹1,100 per share

- Lot Size: 13 shares (min investment ₹14,300)

- Anchor Book: Opens July 4

- Listing Date: July 14, 2025 (NSE & BSE)

- FY25 Financials: Revenue ₹1,687.7 crore; Net Profit ₹379.7 crore

- Valuation Metrics: RoNW 36.14%, EBITDA margin 39.38%, PAT margin 20.38%

 

TFS’s strong brand portfolio, presence in 14 Indian airports, and consistent profitability make it a compelling play on India’s booming travel and hospitality sector. However, since the IPO is an OFS, proceeds won’t benefit the company directly.
 

Analysts suggest long-term investors may find value in TFS’s asset-light model and dominant airport footprint.

 

Source: Moneycontrol, IPO Central, Chittorgarh