The IPO received bids for 3.86 crore equity shares against the 1.34 crore shares on offer. The price band for the issue was fixed at ₹1,045–₹1,100 per share.
Among investor categories, the Qualified Institutional Buyers (QIBs) led the demand, subscribing their allotted portion 7.70 times. The Non-Institutional Investor (NII) category saw a 1.27 times subscription, while the Retail Individual Investor (RII) portion was subscribed 0.69 times. The employee quota was subscribed 1.72 times.
Kotak Mahindra Capital Company Ltd, HSBC Securities and Capital Markets (India), ICICI Securities, and Batlivala & Karani Securities India are the book-running lead managers to the issue. MUFG Intime India is the registrar.
Travel Food Services (TFS) is a player in India’s travel food and hospitality space, operating in the quick service restaurant (QSR) and airport lounge segments. It has a footprint across 14 airports in India, three in Malaysia, and one in Hong Kong, along with QSR outlets on nine Indian highways.
According to a CRISIL report, TFS held a 26% market share in India’s airport travel QSR sector and a 45% share in the airport lounge segment in FY25. Its operations span 127 brands, both in-house and partner-based, tailored to the fast-paced needs of travelers.
In FY25, the company reported a revenue of ₹1,687.74 crore, an increase of 21 per cent over FY24 revenue of ₹1,396.32 crore. Net profit for FY25 stood at ₹380 crore, up 27 over the previous fiscal.
