Travel Food Services IPO open date is July 7, 2025 and the IPO will close on July 9, 2025.
The company reported revenue of ₹1,762.71 crores and profit of ₹379.66 crores in 2025.
Travel Food Services Limited, established in 2007 and rebranded in 2024, is India’s largest airport-focused food and beverage service provider, operating over 313 Travel QSR outlets and lounges under various proprietary and licensed brands.
Travel Food Services IPO Details
| IPO Open Date: | July 7, 2025 |
| IPO Close Date: | July 9, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹1045 to ₹1100 Per Share |
| Issue Size: | Approx ₹2000 Crores |
| Offer for Sale: | Approx 1,81,81,818 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE & NSE |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
Travel Food Services IPO Market Lot
The Travel Food Services IPO minimum market lot is 13 shares with ₹14,300 application amount. The retail investors can apply up-to 13 lots with 169 shares of ₹1,85,900 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 13 | ₹14,300 |
| Retail Maximum | 13 | 169 | ₹1,85,900 |
| S-HNI Minimum | 14 | 182 | ₹2,00,200 |
| B-HNI Minimum | 70 | 910 | ₹10,01,000 |
Travel Food Services IPO Dates
The Travel Food Services IPO date is July 7 and the close date is July 9. The Travel Food Services IPO allotment will be finalized on July 10 and the IPO listing on July 14.
| IPO Open Date: | July 7, 2025 |
| IPO Close Date: | July 9, 2025 |
| Basis of Allotment: | July 10, 2025 |
| Refunds: | July 11, 2025 |
| Credit to Demat Account: | July 11, 2025 |
| IPO Listing Date: | July 14, 2025 |
Promoters of Travel Food Services IPO
The promoters of the company are SSP Group plc, SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited and Kapur Family Trust.
Travel Food Services IPO Company Financial Report
The company reported revenue of ₹1,762.71 crores in 2025 against ₹1,462.29 crore in 2024. The company reported profit of ₹379.66 crores in 2025 against profit of ₹298.12 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
| 2022 | ₹441.66 | ₹429.78 | ₹5.03 | ₹1,056.49 |
| 2023 | ₹1,103.58 | ₹824.21 | ₹251.3 | ₹1,332.32 |
| 2024 | ₹1,462.29 | ₹1,146.72 | ₹298.02 | ₹1,623.39 |
| 2025 | ₹1,762.71 | ₹1,305.65 | ₹379.66 | ₹1,902.73 |
Travel Food Services IPO Valuation – FY2025
Check Travel Food Services IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 35.47% |
| ROCE: | 51.40% |
| EBITDA Margin: | 40.07% |
| PAT Margin: | 21.54% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹27.58 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 34.64% |
| Net Asset Value (NAV): | ₹79.62 |
Business Overview
The company operates food courts, cafes, bars, and lounges at airports and travel hubs. Its revenue streams include food sales and lounge services, with operations across major Indian airports and select overseas locations.
- Core Activities: Operating Travel QSRs and Airport Lounges.
- Formats & Brands: Operates 100+ F&B brands in various formats including cafés, bars, food courts, and lounges.
- Revenue Streams:
- Food & beverage sales at company-owned and franchised outlets.
- Lounge services offered to airline passengers and credit card holders.
- Geographical Reach: Primarily across Indian airports; international exposure through JV with SSP Group and others.
- Outlet Count (as of March 2024):
- 313 Travel QSRs (largest operator in India)
- Significant lounge footprint, jointly holding ~50% share in Indian airport lounges.
Industry & Market Overview
The Indian travel F&B industry is growing at a CAGR of 8–10%. TFS holds a dominant airport QSR share (~50% in lounges) and benefits from rising air traffic and premiumization of airport services.
- Segment: Airport Travel QSR and Lounge.
- Growth Outlook:
- Global airport QSR market CAGR: 8–10% (CY23–CY29).
- Indian passenger traffic CAGR: 9–10% (FY24–FY29).
- Key Drivers:
- Rising air travel, middle-class growth, airport modernization.
- Travelers seek fast, high-quality food with convenience.
- Competition:
- Top players: TFS, Saptagiri Restaurant Pvt. Ltd., Encalm Hospitality.
- TFS holds dominant market position in Indian airports
Peer Group Comparison
Compared to QSR peers like Jubilant and Devyani, TFS shows higher margins due to captive airport presence. IPO valuation to be benchmarked after price band release; premium likely justified.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Jubilant FoodWorks Limited | 3.41 | 205.81 | 10.02 | 31.87 | 5,654.09 Cr. |
| Devyani International Limited | 0.08 | 2,097.13 | 0.84 | 9.07 | 3,556.30 Cr. |
| Sapphire Foods India Limited | 0.60 | 548.00 | 1.38 | 43.53 | 2,594.28 Cr. |
Objects of the Issue
- Type: Offer for Sale (OFS) only.
- Use of Proceeds:
- The Promoter Selling Shareholder (Kapur Family Trust) will receive all proceeds.
- No fresh issue; company will not receive any funds.
- Objectives include:
- Listing benefits
- Liquidity for selling shareholders
Travel Food Services IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: travelfood.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Company Limited
- Hsbc Securities & Capital Markets Pvt Ltd
- ICICI Securities Limited
- Batlivala & Karani Securities India Private Limited
Company Address
Travel Food Services Limited
Block-A South Wing 1st Floor,
Shiv Sagar Estate, Dr. Annie Besant Road
Worli,
Mumbai, Maharashtra, 400018
Phone: +91 22 4322 4322
Email: cs@travelfoodservices.com
Website: https://www.travelfoodservices.com/
Travel Food Services IPO FAQs
What does Travel Food Services do?
Operates quick-service restaurants (QSRs) and lounges primarily at airports and highways.
When Travel Food Services IPO will open for subscription?
The IPO is to open on July 7, 2025 for QIB, NII, and Retail Investors. The IPO will close on July 9, 2025.
What is Travel Food Services IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
What is Travel Food Services IPO Issue Size?
Travel Food Services IPO issue size is ₹2000 crores.
What is Travel Food Services IPO Price Band?
Travel Food Services IPO Price Band is ₹1045 to ₹1100.
What is Travel Food Services IPO Lot Size?
The minimum bid is 13 Shares with ₹14,300 amount.
What is the Travel Food Services IPO Allotment Date?
Travel Food Services IPO allotment date is July 10, 2025.
What is the Travel Food Services IPO Listing Date?
Travel Food Services IPO listing date is July 14, 2025. The IPO is to list on BSE & NSE.
Travel Food Services IPO Objects of the Issue
The IPO is a pure Offer for Sale (OFS) of ₹2,000 crore by the Kapur Family Trust. The company will not receive any proceeds. The objective is to provide an exit route and enhance listing visibility.
Travel Food Services IPO Financial Highlights
The company’s revenue grew from ₹3,896 Mn in FY22 to ₹13,963 Mn in FY24. Net profit surged from ₹50 Mn to ₹2,980 Mn during this period. EPS for FY24 stood at ₹21.85 with strong margin expansion post-COVID.
Travel Food Services IPO Cash Flow Analysis
Operating cash flows turned strongly positive post-FY22. Investing outflows reflect network expansion. Cash flows align with profits, indicating healthy operational liquidity with no mismatch concerns.
Travel Food Services IPO Key Risk Factors
The business is exposed to fluctuations in air travel, has no IPO funding for growth, and relies heavily on airport contracts. High post-COVID profit spike and 100% OFS raise caution for new investors.
Travel Food Services IPO Promoters and Management
Promoted by SSP Group and Kapur Family Trust, with Varun and Karan Kapur as key individuals. The promoter group will dilute stake via OFS; no major legal or financial issues reported so far.
Travel Food Services IPO Related Party Transactions
Regular dealings with associates like airport lounge JV partners. No abnormal or conflict-prone transactions flagged, though the volume of intra-group payments warrants investor monitoring.