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Travel Food Services, a leading operator of quick-service restaurants and airport lounges in India and Malaysia, has raised ₹598.8 crore from anchor investors ahead of its initial public offering (IPO), which is set to open for public subscription on July 7.
According to a regulatory filing on the BSE, the company has allotted 54.43 lakh equity shares at ₹1,100 apiece to 33 anchor investors. The anchor book features major domestic and global institutional players, including ICICI Prudential Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund, Baroda BNP Paribas Mutual Fund, the Abu Dhabi Investment Authority, Fidelity, and Norway’s Government Pension Fund Global.
The IPO, which will close on July 9, is entirely an offer for sale (OFS) of shares worth ₹2,000 crore by the promoter entity, the Kapur Family Trust. As it is an OFS, no fresh funds will be raised for the company, and all proceeds will go to the selling shareholders. The IPO is priced in the range of ₹1,045 to ₹1,100 per share and includes a reservation for eligible employees.
Founded in 2009, Mumbai-headquartered Travel Food Services operates under the K Hospitality Corp umbrella and is promoted by the UK-based SSP Group plc—an FTSE 250 company and a global leader in travel food and beverage services. The company has a presence in 14 airports across major Indian cities such as Delhi, Mumbai, Bengaluru, and Chennai, and operates at three international airports in Malaysia. It recently expanded into Hong Kong with the launch of a new airport lounge in July.
As of June 30, 2024, the company operated 31 airport lounges and a diverse portfolio of food and beverage brands including both international names like KFC, Pizza Hut, Wagamama, Subway, and Krispy Kreme, and popular Indian chains such as Bikanervala, Hatti Kaapi, Third Wave Coffee, and Adyar Ananda Bhavan.
Kotak Mahindra Capital Company, HSBC Securities and Capital Markets, ICICI Securities, and Batlivala & Karani Securities are the book-running lead managers for the IPO. The equity shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
(Source: PTI)
