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Travel Food Services Ltd IPO

The Company operates a travel quick service restaurant (Travel QSR) and a lounge (Lounge) business across airports in India, Malaysia and Hong Kong. It also have Travel QSR outlets at select highway sites in India. Its Travel QSR business comprises a range of curated F&B concepts tailored for customers' demands for speed and convenience within travel environments. As of March 31, 2025, its F&B brand portfolio includes 127 partner and in-house brands. The Company has partnered with various Lounge Partners to provide its customers with Lounge access.

Travel Food Services Ltd IPO Details

Total Shares Offered

₹ 1,81,81,818

Offer to Public

1,81,81,818

Retail Max (Shares)

₹ 63,50,909

Pre Issue Promoters Holding

₹ 13,16,79,484

Exchange

BSE

Issue size

₹ 2000 Cr

IPO Open Date

Jul 7, 2025

Close Date

Jul 9, 2025

Lot Size

Min Investment

₹ 13,585

Issue Type

Book Building

Listing Date

Jul 14, 2025

Travel Food Services Ltd IPO Dates

Jul 7, 2025

Opening date

Jul 9, 2025

Closing date

Jul 10, 2025

Basis of Allotment

Jul 11, 2025

Initiation of Refunds

Jul 11, 2025

Credit of Shares

Jul 14, 2025

Listing date

Details

Sector	Type
Sector	Hotels
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	3.24x	9072727	29398278
NII	1.67x	2721818	4536662
Retail	0.73x	6350909	4627506
Employee	2.02x	36364	73320
Total	2.12x	18181818	38635766

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

3.24x

1.67x

0.73x

2.02x

2.12x

9072727

2721818

6350909

36364

18181818

29398278

4536662

4627506

73320

38635766

Travel Food Services Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	1,687.74	1,396.32	1,067.15
EBITDA	635.03	503.28	417.40
PAT	299.91	215.88	193.38
Total Assets	451.68	453.84	387.70
Share Capital	13.17	3.87	3.87
Total Borrowings	323.33	200.68	185.48
Operating Activities (Net Cash)	417.50	320.45	272.04
Investing Activities (Net Cash)	580.22	397.23	362.76
Financing Activities (Net Cash)	323.33	200.68	185.48
Net Cashflow	18.88	159.95	116.10

About Travel Food Services Ltd

Travel Food Services Limited was originally incorporated as Bombay Pure Foods Private Limited as a private company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 20, 2007, issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Thereafter, pursuant to a special resolution passed by its Shareholders on February 20, 2009, the name of the Company was changed from Bombay Pure Foods Private Limited to Travel Food Services Private Limited and a fresh certificate of incorporation was issued by the RoC on March 12, 2009. On the conversion of the Company from a private limited company to a public limited company, pursuant to a special resolution passed by its Shareholders on November 11, 2024, the name of the Company was changed from Travel Food Services Private Limited to Travel Food Services Limited and a fresh certificate of incorporation dated November 22, 2024 was issued by the Registrar of Companies, Central Processing Centre.

According to the CRISIL Report, on the demand side, India is expected to maintain a healthy growth momentum in domestic and international air passengers, with domestic air passenger traffic expected to achieve a CAGR of 8% to 9% and international air passenger traffic a CAGR of 6% to 8% from Fiscal 2025 to 2034. The Travel QSR and Lounge sectors at Indian airports are set to benefit from increased dwell time, the rise of low-cost carriers, and expanded credit card and loyalty programmes. The Indian airport Travel QSR sector is anticipated to grow at a CAGR of 17% to 19%, while the Indian Lounge industry is expected to grow at a CAGR of 22% to 24% from Fiscal 2025 to 2034.

Peer Comparison:

Jubilant FoodWorks Limited
Devyani International Limited
Sapphire Foods India Limited
Westlife Foodworld Limited
Restaurant Brands Asia Limited

Travel Food Services Ltd Key Points

Strengths

Leading Player in the Travel QSR and Lounge sectors in Indian airports.

Strong expertise in operating and handling the distinct challenges of F&B in the operationally complex and highly secure airport environment.

Proven and established track record of long-term working relationships with airport operators.

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.

Risk

Revenue from its Travel QSRs and Lounges situated in airports contributed 95.55%, 95.88% and 95.77% of the company revenue from operations for Fiscals 2025, 2024 and 2023, respectively. The company is highly dependent on its concession agreements for the company business operations and inability to renew existing concession agreements or any adverse changes in the terms therein, early termination, or any inability to obtain new concessions could adversely affect its business and results of operations.

The Travel QSRs and Lounges at the top 5 airports contributed 85.94%, 88.36% and 90.29% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. Termination of the company concession agreements in relation to or a decrease in passenger traffic in such airports could have a significant impact on its revenue.

The company depends on its relationship with our brand partners to franchise their brands, with revenue from brand partners accounting for 54.37%, 54.44% and 54.06% of its revenue from Travel QSR for Fiscals 2025, 2024 and 2023, respectively. Failures to attract new brand partners or maintain or develop existing ones could adversely affect its business, results of operations, financial condition and prospects.

Strategy

Optimise our product offerings and service to grow like-for-like (LFL) sales.

Grow new space in existing markets and build strategic presence in new markets.

Deliver operating synergies and leverage scale benefits.

Optimise capital expenditure through best practices.

Win with People.

How To Apply for Travel Food Services Ltd IPO Online?

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From the list of open IPOs, select the IPO you want to invest.

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Go through the IPO details like lot size, price band, about the company, etc.

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FAQs on IPO (Initial Public Offering)

What is the issue size of the Travel Food Services Ltd IPO?

Travel Food Services Ltd's IPO offers shares for up to 0 It begins on Jul 7, 2025 and ends on Jul 9, 2025.

What is the price of the Travel Food Services Ltd IPO?

The price of Travel Food Services Ltd IPO ranges between ₹1,045 to ₹1100 per share.

What are the open and close dates for the Travel Food Services Ltd IPO?

The Travel Food Services Ltd IPO opens on Jul 7, 2025 and closes on Jul 9, 2025.

When will the Travel Food Services Ltd IPO be allotted?

The allotment for the Travel Food Services Ltd IPO will be finalised on Jul 10, 2025. The shares will be listed on BSE and NSE on Jul 14, 2025.

What is the minimum lot size required for Travel Food Services Ltd IPO?

The minimum lot size for Travel Food Services Ltd IPO is 13 shares, priced between ₹1045 to ₹1100 per share.

What is the GMP of Travel Food Services Ltd IPO?

The GMP (Grey Market Premium) of Travel Food Services Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Travel Food Services Ltd IPO?

To check the allotment status of Travel Food Services Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Travel Food Services Ltd IPO getting listed?

The Travel Food Services Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Jul 7, 2025, and closes on Jul 9, 2025. The allotment is finalised on Jul 10, 2025.

How do you apply for the Travel Food Services Ltd IPO?

To apply for the Travel Food Services Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.