— Travel Food Services Ltd. (TFS), India’s largest travel F&B operator, is set to list on the BSE and NSE on July 14, 2025, after successfully concluding its ₹2,000 crore initial public offering (IPO), which was open from July 7 to 9.
The IPO, entirely an offer for sale (OFS) by promoters — SSP Group and Kapur Family Trust — was priced between ₹1,045 and ₹1,100 per share. While no fresh capital was raised, strong institutional interest marked the offering. The Qualified Institutional Buyers (QIBs) segment was oversubscribed 7.7 times, while the Non-Institutional Investors (NII) portion saw 1.58× subscription. However, retail participation remained subdued at 0.69×.
TFS operates 397 quick-service outlets and 37 lounges across major Indian and select international airports, including its flagship “ARAYA” lounge brand. Backed by SSP Group (UK), the company posted strong financials in FY25 with ₹1,762.7 crore in revenue and ₹379.7 crore in net profit, operating debt-free with an EBITDA of ₹676 crore.
Despite a muted grey market premium (GMP) of just ₹12–₹30, brokerages like Ventura, Marwadi, and BP Equities issued “subscribe” ratings, citing solid fundamentals, SSP’s global backing, and a growing Indian air travel market.
Risks include total promoter exit via OFS, dependence on airport concession agreements, and increasing competition from new players. However, TFS’s plans to expand into expressway food courts and international locations suggest long-term growth potential.
Allotments were finalized on July 10, and listing gains are expected to be modest. Investor focus will now turn to TFS’s market debut performance on Monday.
Company Overview
- Founded: November 20, 2007
- Headquarters: Mumbai, Maharashtra, India
- Industry: Food & Beverage, Hospitality, Travel Retail
- Legal Status: Public Limited Company (unlisted)
TFS is India’s largest and fastest-growing operator in the travel food and beverage segment, especially within airports. It specializes in quick-service restaurants (QSRs) and airport lounges, offering curated culinary experiences tailored for travelers.
Operational Footprint
- 442+ QSR outlets across 14 Indian airports
- 37+ airport lounges in India, Malaysia, and Hong Kong
- 125+ brand portfolio, including global names like KFC, Domino’s, Krispy Kreme, and in-house brands like Caféccino, ARAYA, and Dilli Streat
Leadership & Ownership
- Managing Director: Varun Sunil Kapur
- Executive Directors: Karan Kapur, Vikas Kapoor
- Promoter Holding: 100% (as of 2022)
- Investors: Kapur Family Trust, KAPCO Caterers, SNVK Properties
Financial Highlights
- FY25 Revenue: ₹1,762.71 crore
- Net Profit: ₹379.66 crore
- EBITDA Margin: 40.07%
- Return on Equity: 35.47%
Recognition & Awards
TFS has won multiple accolades from FAB (Food & Beverage Awards) for excellence in airport dining and lounge services, including “Airport Lounge of the Year” and “Restaurant Design of the Year”.
