Quick-service restaurant operator Travel Food Services (TFS) has received approval from the Securities and Exchange Board of India (SEBI) to raise Rs. 2,000 crore through an initial public offering (IPO), entirely an offer for sale by the Kapur Family Trust. The offering, with a face value of Rs. 1 per share, includes a portion reserved for eligible employees.
TFS operates 397 outlets across India and Malaysia as of June 30, 2024, primarily in airports, and boasts the largest travel QSR network in India with 313 airport outlets. The company’s presence spans 14 Indian airports, including Delhi, Mumbai, and Bengaluru, and three in Malaysia, collectively accounting for 74% of India’s air traffic, according to CRISIL.
In FY24, TFS reported a 30.85% jump in revenue to Rs. 1,396.32 crore and an 18.59% rise in net profit to Rs. 298.02 crore. For Q1 FY25, revenue stood at Rs. 409.86 crore, with a profit after tax of Rs. 59.55 crore.
The IPO aims to enhance TFS’s market visibility and provide liquidity to the Kapur Family Trust. Shares will be listed on NSE and BSE, with Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani Securities as book-running lead managers, and Link Intime India as registrar.
