Travel Food Services Limited (TFS) isn’t just feeding flyers — it’s reinventing the way India eats and relaxes at airports.
🧳 Who Are They?
TFS is India’s leading airport F&B operator, dominating both the Quick Service Restaurant (QSR) and airport lounge segments. With a whopping 26% market share in Travel QSRs and 45% in Lounges (by revenue, FY25), TFS is the silent giant behind your favorite chai, croissant, or chilled mocktail at the airport.
🏢 Their Scale & Spread
- 442 QSR outlets across India and Malaysia (as of March 31, 2025)
- 37 premium lounges across India, Malaysia, and Hong Kong
- Presence in 14 of the 15 largest Indian airports — serving 74% of India’s total air passenger traffic
- Also expanding into select highway locations for road travellers.
🍔 The Menu of Brands
TFS operates a unique mix of:
- 32 international brands (like KFC, Subway, Krispy Kreme, Wagamama)
- 58 regional Indian names (such as Bikanervala, Third Wave Coffee)
- 37 in-house brands (like Caféccino, Curry Kitchen, Idli.com)
This portfolio of 127 brands helps TFS blend global favorites with local flavors – a competitive edge that delights every kind of traveler.
🛋️ Lounging in Style
TFS lounges are not just resting spots — they’re curated spaces designed for luxury and efficiency. Think gourmet buffets, relaxing interiors, digital access, and express service – all tailored for business and premium travelers.
🚀 Innovation on the Go
Back in 2015, TFS introduced Food@Gate™ – a first-of-its-kind in-airport delivery service. Flyers could order from any TFS outlet and get food delivered to their boarding gate. It’s this kind of innovation that sets TFS apart from traditional F&B chains.
💼 Business Model Strength
TFS operates under long-term concession agreements (5–20 years) with airports, offering stability and visibility. Their outlets are mostly company-operated, which means more control over quality, pricing, and brand experience.
Travel Food Services IPO – Details
| IPO Opening Date | 07 July 2025 |
| IPO Closing Date | 09 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,81,81,818 Shares Worth ₹2,000.00 Crore Offer For Sale: 1,81,81,818 Shares Worth ₹2,000.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹1045 – ₹1100 per share |
| Market Lot | 13 Shares |
| Min Order | 13 Shares [ 1 LOT ] |
| Employee Discount | ₹104 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Private Limited (Link Intime) |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Travel Food Services IPO – Date Schedule
| IPO Open Date | 07 July 2025 |
| IPO Close Date | 09 July 2025 |
| Basis of Allotment | 10 July 2025 |
| Initiation of Refund | 11 July 2025 |
| Credit of Shares to Demat Account | 11 July 2025 |
| IPO Listing Date | 14 July 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 09, 2025 |
Travel Food Services IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 13 | ₹14,300 |
| Retail (Max) | 13 | 169 | ₹1,85,900 |
| S-HNI (Min) | 14 | 182 | ₹2,00,200 |
| S-HNI (Max) | 69 | 897 | ₹9,86,700 |
| B-HNI (Min) | 70 | 910 | ₹10,01,000 |
Competitive Strength
- Leading player in the Travel QSR and Lounge sectors in Indian airports.
- The diversified portfolio of partner F&B brands franchised from high-quality brand partners and in-house F&B brands.
- Deep understanding of traveller preferences with a focus on delivering a quality customer experience.
- Experienced management team, supported by our synergistic partnerships with SSP and K Hospitality.
Company Promoters
- SSP Group plc
- SSP Group Holdings Limited
- SSP Financing Limited
- SSP Asia Pacific Holdings Limited
- Kapur Family Trust
- Varun Kapur
- Karan Kapur
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹1,103.58 Cr | ₹824.21 Cr | ₹251.30 Cr | ₹31.05 Cr |
| 31 March 2024 | ₹1,462.40 Cr | ₹1,146.72 Cr | ₹298.12 Cr | ₹63.78 Cr |
| 31 March 2025 | ₹1,762.71 Cr | ₹1,305.65 Cr | ₹379.66 Cr | ₹0.00 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 35.47% |
| ROCE | 51.40% |
| RoNW | 34.64% |
| PAT Margin | 21.54% |
| EBITDA Margin | 40.07% |
| Price to Book Value | 18.20 |
| Pre IPO | Post IPO | |
| EPS (₹) | 22.63 | – |
| P/E (x) | 48.6 | – |
Object Of The Issue
- The company will not receive any proceeds from the Offer and all the Offer Proceeds will be received by the Promoter Selling Shareholder.
Travel Food Services IPO Peer Comparison
| S. No. | Face Value | Company Name | P/E |
|---|---|---|---|
| 1 | 2 | Jubilant FoodWorks Ltd | 205.81 |
| 2 | 1 | Devyani International Ltd | 2,097.13 |
| 3 | 2 | Sapphire Foods India Ltd | 548.00 |
| 4 | 2 | Westlife Foodworld Ltd | 955.26 |
| 5 | 10 | Restaurant Brands Asia Ltd | – |
✅Strengths
- Market leader in airport QSRs (26% share) and lounges (45% share).
- Presence in 14 major Indian airports and 3 international locations.
- Diverse portfolio of 127 brands including KFC, Subway, and in-house names.
- Backed by SSP Group and K Hospitality.
- Strong execution in high-pressure travel environments.
⚠️Risks
- High dependency on key airports like Mumbai and Delhi.
- Significant lease liabilities around ₹3,330 crore.
- Sensitive to changing food trends and consumer preferences.
- Exposure to cybersecurity and tech risks.
- International expansion adds regulatory and operational challenges.
Travel Food Services IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 86.19% |
Travel Food Services IPO Prospectus
Company Contact Information
| 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 Registrar
| MUFG Intime India Private Limited (Link Intime) Phone: +91-22-4918 6270 Email: travelfood.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Travel Food Services IPO Lead Manager(s)
| 1. ICICI Securities Limited 2. Kotak Mahindra Capital Company Limited 3. Batlivala & Karani Securities India Private Limited 4. HSBC Securities and Capital Markets (India) Private Limited |
Travel Food Services IPO FAQs
| What is Travel Food Services IPO? Travel Food Services IPO is a main-board IPO. The issue is priced at ₹1045 to ₹1100 per equity share. The IPO is to be listed on BSE & NSE. |
| When Travel Food Services IPO will open? The IPO is to open on 07 July 2025 for QIB, NII, and Retail Investors. |
| What is Travel Food Services IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Travel Food Services IPO? You can apply Travel Food Services IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Travel Food Services IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Travel Food Services IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Travel Food Services IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Travel Food Services IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Travel Food Services IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Travel Food Services IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Travel Food Services IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Travel Food Services IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Travel Food Services IPO Size? Travel Food Services IPO size is ₹2,000.00 Crore. |
| What is the Travel Food Services IPO Price Band? Travel Food Services IPO Price Band is ₹1045 to ₹1100. |
| What is Travel Food Services IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 13 Shares with ₹14,300 while the maximum bid is 169 Shares with ₹1,85,900. |
| What is the Travel Food Services IPO Allotment Date? Travel Food Services IPO allotment date is 10 July 2025. |
| What is the Travel Food Services IPO Listing Date? Travel Food Services IPO listing date is 14 July 2025. The IPO is to be listed on BSE and NSE. |
