Business Profile of Travel Food Services Limited
Travel Food Services Limited was incorporated in 2007, it is an Indian airport travel quick service restaurant (“Travel QSR”) and lounge. Travel QSR business includes a range of curated food and beverage (F&B) concept across cuisines, brand and formats, which have been adapted to cater to customer’s demand for speed and convenience within travel environments. As of June 30, 2024, company F&B brand portfolio, comprising 117 partners and in-house brands, is in the operation of 397 Travel QSR across India and Malaysia. The lounge business of company comprises designated areas within airport terminals, accessible primarily by members of airline loyalty programmes, first and business class passenger, select credit card and debit card holders and members of other loyalty programmes. The company service is present was present for 14 years in Delhi airport, 15 years in Mumbai airport, 11 years in Chennai airport and 5 years in Bengaluru airport.
Objective of Travel Food Services IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The OFS issue consists of XXXX shares at the face value of ₨ 1.00 each aggregating up to ₹ 20,000.00millions. There are only OFS issue by company and main objective of company is to achieve the benefits of listing the Equity Shares on the Stock Exchanges.
Details of Travel Food Services IPO
| IPO Open Date | Jul 3, 2025 |
| IPO Close Date | Jul 7, 2025 |
| Basis of Allotment | N.A. |
| Listing Date | Jul 10, 2025 |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity Shares |
| Aggregating up to ₨ 20,000.00 million | |
| Fresh Issue | N.A. |
| N.A. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 20,000.00 million | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Travel Food Services IPO: Issue Price & Size
The issue size of the IPO has been declared and the overall issue size of the IPO is Rs 2000.00Cr, out of which XXXX Equity Shares, aggregating up to Rs 2000.00Cr, comprise of Rs 2000.00Cr will be offered for sale by shareholders.
Launch Date of Travel Food Services IPO
Travel Food Services Limited IPO will be open on Jul 3, 2025 and close on the Jul 7, 2025. All types of investors can bid between these dates through their eligible categories.
Financial Statements of Travel Food Services Limited
| Particulars (Rs in Millions) | Ended 30 June 2024 |
31 March 2024 | 31 March 2023 | 31 March 2022 |
| Income | ||||
| Revenue from Operations | 4,098.64 | 13,963.22 | 10,671.50 | 3,896.09 |
| Other Income | 153.40 | 659.70 | 364.32 . | 520.54 |
| Total Income | 4,252.04 | 14,622.92 | 11,035.82 | 4,416.63 |
| Expenses | ||||
| Cost of Materials Consumed | 574.54 | 2,611.15 | 1,930.91 | 652.15 |
| Purchase of Stock - in - Trade | 189.54 | 265.06 | 168.93 | 155.45 |
| Change in Inventories of Stock - in - Trade | 1.57 | ( 28.85 ) | 4.45 | ( 11.92 ) |
| Employee Benefits Expense | 717.48 | 2,298.53 | 1,593.70 | 891.88 |
| Finance Costs | 171.90 | 516.91 | 478.06 | 448.45 |
| Depreciation and Amortisation Expense | 293.59 | 1,108.34 | 831.08 | 788.60 |
| Other Expenses | 1,596.87 | 4,696.06 | 3,234.93 | 1,373.15 |
| Total Expenses | 3,545.49 | 11,467.20 | 8,242.06 | 4,297.76 |
| Profit before share of profit of associates and JVs and income taxes | 706.55 | 3,155.72 | 2,793.76 | 118.87 |
| Share of profit of associates and JVs , net of tax | 156.83 | 717.93 | 477.64 | 46.82 |
| Profit before Tax for the period / year | 863.38 | 3,873.65 | 3,271.40 | 165.69 |
| Tax expenses | ||||
| Current Tax | 269.21 | 934.67 | 706.77 | 167.26 |
| Deferred Tax | ( 1.29 ) | ( 41.19 ) | 51.64 | ( 51.87 ) |
| 267.92 | 893.48 | 758.41 | 115.39 | |
| Profit for the period / year | 595.46 | 2,980.17 | 2,512.99 | 50.30 |
Key financial ratios of Travel Food Services Limited
| Financial metrics | Ended June 30 , 2025 |
2025 | 2023 | 2023 | |
| Revenue from operations | (in Millions) | 4,098.64 | 13,963.22 | 10,671.50 | 3,896.09 |
| EBITDA | (in Millions) | 1,328.87 | 5,498.90 | 4,580.54 | 1,402.74 |
| EBITDA Margin | ( % ) | 32.42 | 39.38 | 42.92 | 36.00 |
| PAT | (in Millions) | 595.46 | 2,980.17 | 2.512.99 | 50.30 |
| PAT Margin | ( % ) | 14.00 | 20.38 | 22.77 | 1.14 |
| ROE | ( % ) | 6.85 | 36.57 | 37.79 | 1.21 |
| ROCE | ( % ) | 11.06 | 49.97 | 53.87 | 13.52 |
| Net cash flows generated from operating activities |
(in Millions) | 1,183.55 | 3,687.60 | 3,221.47 | 774.38 |
| Net working capital turnover ratio / days |
(days) | (77.34) | (66.79) | (56.53) | (91.92) |
| Inventory turnover ratio / days | (days) | 15.19 | 14.21 | 15.35 | 31.58 |
| Payable turnover ratio / days | (days) | 121.62 | 109.62 | 99.58 | 157.17 |
| Net Debt | (in Millions) | (1,065.72) | (576.88) | (1,033.84) | (633.09) |
Promoters & Shareholding Travel Food Services IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| S. No. | Name of Shareholder | No. of Equity Shares | % of Equity Shares |
| Promoters | |||
| 1. | SSP Asia Pacific Holdings Limited | 64,522,922 | 49.00 |
| 2. | Kapur Family Trust | 67,156,562 | 51.00 |
| Total | 131,679,484 | 100.00 |
Travel Food Services IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies' stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the Travel Food Services Limited is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
