Shares of Travel Food Services (TFS) made a steady debut on Dalal Street on Monday, July 14, listing at ₹1,125 apiece on the NSE — about 2.3% higher than its IPO price of ₹1,100. This comes despite the stock witnessing volatility in the grey market premium (GMP) and relatively lower retail subscription.
TFS, a leading operator of quick-service restaurants (QSR) and lounges at airports in India and Malaysia, listed with a modest premium of ₹25 per share over the issue price. The IPO had initially seen a GMP as high as ₹90 before cooling down closer to the listing.
The ₹2,000 crore public issue, which was entirely an offer-for-sale (OFS) by promoter Kapur Family Trust, was open for subscription between July 7 and 9 in the price band of ₹1,045–1,100 per share. It was subscribed 2.88 times overall, with the QIB quota seeing strong demand at 7.7 times subscription, followed by NIIs at 1.58 times and retail investors at 69%.
Since the IPO was purely an OFS, the company will not receive any proceeds from the issue, with all funds going to the selling shareholder.
TFS is a major player in the Indian airport QSR and lounge market, holding a 26% share of the airport QSR segment and 45% of the lounge segment by revenue as of FY25. The company runs over 440 QSR outlets and 37 lounges across India, Malaysia, and Hong Kong.
For FY25, the company reported a 27.4% rise in net profit to ₹379.7 crore and a 21% increase in revenue to ₹1,687.7 crore, reflecting strong operational momentum despite competition.
Kotak Mahindra Capital handled the book-running for the IPO, and MUFG Intime India acted as the registrar.
Industry watchers noted that despite subdued retail participation, the company’s strong positioning in airport F&B and steady financial performance supported the listing gains.
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