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Travel Food Services IPO
Price Band
₹1045.0–1100.0
Issue Size
₹2000.0 Cr
Lot Size
13 shares
Min Investment
₹14,300
GMP
+₹25.0 (2.27%)
Issue Price
₹1100.0
Subject to Sauda
₹200
Paid only if allotted
Travel Food Services IPO AI Summary
- Travel Food Services IPO is listed on BSE, NSE in the Restaurants sector.
- Price band: ₹1045.0–₹1100.0 per share, lot size 13 shares (min. investment ₹14,300).
- Subscription window: 07 Jul–09 Jul 2025, listing on 14 Jul 2025.
- Current GMP is +₹25.0 (2.27%), an estimated listing price of ₹1125 — unofficial and can change daily.
Travel Food Services Limited is poised for growth in the travel food service sector, with a strong portfolio and established presence in major airports. Investors should consider their risk profile and market conditions when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Travel Food Services IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 09 Jul 2025 — not a current signal.
13 of 16 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Travel Food Services IPO Grey Market Premium (GMP) Today
GMP
+₹25.0
GMP %
+2.27%
Est. Listing
₹1125.0
Updated: 25 Jul 2026 14:14
About the Company
Incorporated in 2007, Travel Food Services Limited is an Indian airport travel quick service restaurant (“Travel QSR”) and lounge (“Lounge”). The company's F&B brand portfolio, comprising 117 partner and in-house brands, is in the operation of 397 Travel QSRs across India and Malaysia, as of June 30, 2024. Travel QSR business comprises a range of curated food and beverage (“F&B”) concepts across cuisines, brands and formats, which have been adapted to cater to customers’ demands for speed and convenience within travel environments. Travel Food Business Limited's lounge business comprises designated areas within airport terminals, accessible primarily by first and business-class passengers, members of airline loyalty programmes, select credit card and debit card holders and members of other loyalty programmes. The company's Travel QSR and Lounge businesses are present in 14 airports in India and three airports in Malaysia, as of June 30, 2024. Such airports include the Delhi Airport, Mumbai Airport, Bengaluru Airport, Hyderabad Airport, Kolkata Airport, and Chennai Airport. As of June 30, 2024, Travel Food Services were present in the Delhi airport for 14 years, the Mumbai airport for 15 years, the Bengaluru airport for 5 years and the Chennai airport for 11 years. Competitve Strengths: 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 Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,902.73 | 1,696.44 | 1,332.32 |
| Total Income | 1,762.71 | 1,462.40 | 1,103.58 |
| Profit After Tax | 379.66 | 298.12 | 251.30 |
| EBITDA | 676.35 | 549.99 | 458.05 |
| NET Worth | 1,048.45 | 869.05 | 651.12 |
| Reserves and Surplus | 1,040.24 | 869.74 | 651.60 |
| Total Borrowing | 63.78 | 31.05 |
Key Ratios
EPS
₹28.83
NAV
₹79.62
ROE
35.47%
ROCE
51.40%
RoNW
34.64%
P/B Value
13.82
P/E Ratio
38.15
Market Cap
₹14484.74 Cr
PAT Margin
21.54%
Peer Comparison
| Company | NAV | RoNW | EPS Basic | EPS Diluted | P/E (x) |
|---|---|---|---|---|---|
| Restaurant Brands Asia Limited | 15.61 | 23.8% | -4.33 | -4.33 | — |
| Westlife Foodworld Limited | 38.7 | 2.01% | 0.78 | 0.78 | 955.26 |
| Sapphire Foods India Limited | 43.53 | 1.38% | 0.6 | 0.6 | 548 |
| Devyani International Limited | 9.07 | 0.84% | 0.08 | 0.08 | 2097.13 |
| Jubilant Foodworks Ltd | 31.87 | 10.02% | 3.41 | 3.41 | 205.81 |
| Travel Food Services Limited This IPO | 79.62 | 34.64% | 27.58 | 27.58 | — |
Promoters
SSP Group plc, SSP Group Holdings Ltd., SSP Financing Ltd., SSP Asia Pacific Holdings Ltd., Kapur Family Trust, Varun Kapur and Karan Kapur
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,103.58 Cr in the year ending 31 Mar 2023, rising to ₹1,462.40 Cr by 31 Mar 2024, and further increasing to ₹1,762.71 Cr by 31 Mar 2025.
Profit Trend
Profit after tax was ₹251.30 Cr in the year ending 31 Mar 2023, increasing to ₹298.12 Cr by 31 Mar 2024, and further rising to ₹379.66 Cr by 31 Mar 2025.
Valuation
Travel Food Services Limited is priced at a P/E ratio of 38.15 at the issue price, while peers are trading at P/E ratios ranging from 205.81 to 2097.13.
Grey Market Premium, Explained
The grey market premium (GMP) indicates the expected listing price of an IPO based on unofficial trading before it officially lists. A positive GMP suggests that the IPO may list at a higher price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs like this, which can be subject to market fluctuations.
IPO Timeline, Explained
The IPO opens for subscription on July 7, 2025, and closes on July 9, 2025. Allotment of shares will be done on July 10, 2025, with the listing expected on July 14, 2025.
Listing Gains — The Risk
Listing-day gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock.
This evaluation is generated from Travel Food Services's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Travel Food Services IPO GMP today?
Travel Food Services IPO GMP today is +₹25.0 (2.27%), indicating an estimated listing price of ₹1125. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Travel Food Services IPO?
The price band of Travel Food Services IPO is ₹1045.0–₹1100.0 per share.
When does Travel Food Services IPO open and close?
Travel Food Services IPO opens on 07 July 2025 and closes on 09 July 2025.
When does Travel Food Services IPO list on the stock exchange?
Travel Food Services IPO listed on 14 July 2025 at ₹1125.0.
What is the lot size for Travel Food Services IPO?
The lot size for Travel Food Services IPO is 13 shares, requiring a minimum investment of ₹14,300.
What is the lot size for this IPO?
The lot size for Travel Food Services IPO is 13 shares.
What is the minimum investment required?
The minimum investment required is ₹14,300.
What is the price band for the IPO?
The price band for the IPO is between ₹1045 and ₹1100.
When does the IPO open and close?
The IPO opens on July 7, 2025, and closes on July 9, 2025.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
07 Jul 2025
Close
09 Jul 2025
Allotment
10 Jul 2025
Listing
14 Jul 2025
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