Travel Food Services is set to list its shares on the stock market on Monday, July 14, following the successful conclusion of its Initial Public Offering (IPO). Shares will be credited to investors’ demat accounts on Friday, July 11, and refunds for unsuccessful applicants will also be processed on the same day.
The IPO, open from July 7 to July 9, received a strong response, especially from Qualified Institutional Buyers (QIBs), who subscribed 7.70 times. Non-Institutional Investors (NIIs) subscribed 1.58 times, while retail investors subscribed 69%, bringing the overall subscription to 2.88 times. The company reserved 50% of the issue for QIBs, 15% for NIIs, and 35% for retail investors.
Travel Food Services operates quick-service restaurants (QSRs) and lounges at airports in India and Malaysia, with 397 outlets and 117 food and beverage brands as of June 30, 2024. The IPO price band was set between ₹1,045 and ₹1,100 per share, with a lot size of 13 shares.
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It was a complete offer for sale (OFS) worth ₹2,000 crore by the Kapur Family Trust, meaning the company itself will not receive any proceeds. The IPO is backed by SSP Group plc and related entities. The current grey market premium (GMP) is ₹40, suggesting a possible listing price of ₹1,140—about 3.64% above the issue price. However, GMP trends have shown a decline recently, from a peak of ₹92 to a low of ₹0. Investors are advised to consult financial experts before making any decisions.
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