Travel Food Services Limited, a leading operator of quick service restaurants and airport lounges, is set to launch its Initial Public Offering (IPO) on Monday, July 7, with the issue closing on Wednesday, July 9. The IPO price band has been fixed at Rs. 1,045 to Rs. 1,100 per equity share of face value Re 1 each. Anchor investor allocation is scheduled for Friday, July 4.
This IPO is a pure offer-for-sale (OFS) of Rs. 2,000 crore by promoter Kapur Family Trust, under the K Hospitality Corp umbrella. As this is an OFS, the company will not receive any proceeds from the issue; all funds will go to the selling shareholder.
The lot size has been set at 13 equity shares, and in multiples of 13 thereafter. The offering has been structured with not more than 50% reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for retail investors. Additionally, shares worth up to Rs. 40 million have been reserved for eligible employees.
The IPO is being managed by Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities, and Batlivala & Karani Securities India.
Tentatively, the basis of allotment will be finalized on Thursday, July 10, with refunds and demat credit of shares expected on Friday, July 11. The listing of Travel Food Services shares on BSE and NSE is likely on Monday, July 14.
As of June 30, 2024, Travel Food Services operates 397 Travel QSR outlets across India and Malaysia, offering a diverse mix of 117 in-house and partner F&B brands, solidifying its leadership in the airport hospitality space.
