Travel Food Services Ltd

Travel Food Services Ltd IPO

Travel Food Services Ltd IPO Price Range is ₹1045 - 1100, with a minimum investment of ₹14,300 for 13 shares.

₹14,300

/ 13 shares

Minimum Investment

View Travel Food Services Ltd IPO details including price range, minimum investment, lot size, financials, and IPO timeline. Get subscription updates, peer comparison, and key insights to help you make an informed decision.

IPO Status

Live

Price Band

₹1045 - 1100

Open Date

2025-07-07

Close Date

2025-07-09

IPO Size

₹2,000.00 Cr

Lot Size

13 shares

Min Investment

₹14,300

Listing Exchange

NSE

Travel Food Services Ltd IPO Application Timeline

upcoming
Open Date7 Jul 2025
Close Date9 Jul 2025
Allotment Date10 Jul 2025
Listing Date14 Jul 2025

Strengths and Risks

Strengths

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 andhighly 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&Bbrands.

  • 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.


Risks

Risks

  • Revenue from its Travel QSRs and Lounges situated in airports contributed 95.55%, 95.88% and95.77% of the company revenue from operations for Fiscals 2025, 2024 and 2023, respectively. The company is highlydependent on its concession agreements for the company business operations and inability to renew existingconcession agreements or any adverse changes in the terms therein, early termination, or any inabilityto 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 itsrevenue from operations for Fiscals 2025, 2024 and 2023, respectively. Termination of the company concessionagreements in relation to or a decrease in passenger traffic in such airports could have a significantimpact on its revenue.

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

  • The success of its Lounge business is dependent on the company long-term relationship with its LoungePartners, comprising domestic and international airlines, card issuers and networks, loyalty partnerprogrammes, Lounge access programmes and financial institutions. Revenue from Lounge servicesamounted to 44.93%, 44.65% and 46.14% of its revenue from operations for Fiscals 2025, 2024 and2023, respectively. The company business may be negatively impacted if the company is unable to retain its existingLounge Partners or attract new ones.

  • Its business growth may be adversely affected by shifts in the operating models of its airportoperators, which may reduce the company share of profit derived from the relevant concession agreements withsuch airport operators.

  • The company is subject to extensive regulations, particularly relating to airport and highway operations,security, food health and safety and environmental matters. Any non-compliance with or changes inregulations applicable to us may adversely affect its business, results of operations, cash flows andfinancial condition.

  • Lounge services contributed 44.93%, 44.65% and 46.14% of its revenue from operations for Fiscals2025, 2024 and 2023, respectively. The company Lounge business may be adversely affected if there is adecrease in the number of its Lounge Partners customers, whether due to a decrease in the numberof credit cards and debit cards offering free Lounge access or from cards offering such servicesbecoming less popular, or, in the converse, if there is a disproportionate increase in the number ofsuch customers.

  • Its concession agreements impose restrictions and requirements on its operations, such asrestrictions on the types of F&B and/or services that the company is obliged to provide, pricing benchmarks,minimum levels of capital expenditure that the company is required to undertake and the right of airportoperators to relocate or suspend its operations, which could adversely affect the company business operationsand failures to comply could result in termination of the agreements or financial penalties.

  • The Udaan Yatri Café provides airport travellers with basic menu items at more affordable prices,which may draw away some customers from its Travel QSR outlets and reduce sales at such outletsthereby adversely affecting the company business and financial results.

  • There are outstanding legal matters against the Company, certain of its Promoters, one of the companySubsidiaries, certain of its Directors and one of the members of the company Senior Management. Any adversedecision in such legal matters may render it or them liable to liabilities or penalties, which mayadversely affect its business, cash flows and reputation.

How to Apply for Travel Food Services Ltd IPO on INDmoney

1

Download the INDmoney app and complete your KYC to open an account.

2

Go to the INDstocks section and tap on IPO, or search for ‘IPO’.

3

Select Travel Food Services Ltd IPO from the list of live IPOs.

4

View key details like price band, lot size, and dates, then tap ‘Apply Now’.

5

Choose the number of lots and place your order via UPI.

6

Your funds will be blocked until the share allotment is finalized.

About Travel Food Services Ltd

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.

Frequently Asked Questions of Travel Food Services Ltd IPO

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

The size of the Travel Food Services Ltd IPO is ₹2,000 Cr.

What is the allotment date of the Travel Food Services Ltd IPO?

Travel Food Services Ltd IPO allotment date is Jul 10, 2025 (tentative).

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

The Travel Food Services Ltd IPO will open on Jul 7, 2025 and close on Jul 9, 2025

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

The lot size for the Travel Food Services Ltd IPO is 13.

When will my Travel Food Services Ltd IPO order be placed?

Your Travel Food Services Ltd IPO order will be placed on Jul 7, 2025

Can we invest in Travel Food Services Ltd IPO?

Yes, once Travel Food Services Ltd IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Travel Food Services Ltd IPO?

The potential listing gains on the Travel Food Services Ltd IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Travel Food Services Ltd IPO?

'Pre-apply' for Travel Food Services Ltd IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Travel Food Services?

The promoters of Travel Food Services include SSP Group plc, its affiliated entities (SSP Asia Pacific Holdings, SSP Holdings, SSP Financing), and the Kapur Family Trust. Varun Kapur and Karan Kapur, nominees of the Kapur Family Trust, also serve as directors. As per the RHP, these promoters collectively hold 100% of the pre-IPO equity.

Who are the competitors of Travel Food Services?

Key competitors of Travel Food Services in the travel QSR and airport lounge sectors include HMSHost Services India, Encalm Hospitality, and Saptagiri Restaurant Pvt. Ltd. In the broader high-street QSR space, peers include Jubilant FoodWorks, Devyani International, Sapphire Foods, Westlife Foodworld, and Restaurant Brands Asia.

How does Travel Food Services make money?

Travel Food Services earns revenue primarily from two segments:

  • Travel QSR (₹872.1 crore in FY25, 51.68% share)
  • Airport Lounges (₹758.4 crore, 44.94% share)

It also generates minor revenue from management services. The company operates across 18 airports in India, Malaysia, and Hong Kong.