Advertisement
Travel Food Services has raised nearly INR 600 crore from 33 anchor investors, including ICICI Prudential, Axis MF, and Abu Dhabi Investment Authority, ahead of its INR 2,000 crore IPO opening on July 7. The IPO, priced at INR 1,045-1,100 per share, is a full offer for sale by promoter Kapur Family Trust, with no proceeds going to the company. Operating under K Hospitality, the firm runs quick-service restaurants and 31 lounges across 14 Indian and 3 Malaysian airports, and recently expanded to Hong Kong. Its portfolio features global brands like KFC and Wagamama alongside Indian chains like Sangeetha and Bikanervala. Listings are planned on NSE and BSE.
Travel Food Services, operating a travel quick-service restaurant and a lounge business across airports in India and Malaysia, has raised nearly Rs 600 crore from anchor investors, days before its IPO opening for public subscription. According to a circular uploaded on BSE's website, the anchor investors include ICICI Prudential Mutual Fund (MF), Axis MF, Kotak MF, Baroda BNP Paribas MF, Abu Dhabi Investment Authority, Fidelity and Government Pension Fund Global. Advertisement
As per the circular, Travel Food Services has allocated 54,43,635 equity shares to 33 funds at Rs 1,100 apiece. This aggregates the transaction size to Rs 598.8 crore. The initial public offering (IPO), with a price band of Rs 1,045 to Rs 1,100 per share, will open for public subscription on July 7 and conclude on July 9. The proposed IPO is entirely an offer for sale (OFS) of shares worth Rs 2,000 crore by promoter Kapur Family Trust. The offer includes reservations for subscriptions by eligible employees. Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholder.
Travel Food Services launched its first travel quick-service restaurant (QSR) outlet in 2009. It is promoted by SSP Group plc (SSP) and its affiliates SSP Group Holdings Ltd, SSP Financing Ltd, SSP Asia Pacific Holdings Ltd along with the Kapur Family Trust, Varun Kapur and Karan Kapur. SSP, an FTSE 250 company listed on the London Stock Exchange, is recognised as a global leader in the Travel Food & Beverage (F&B) sector based on revenue in 2024, as per the Crisil report.
The Kapur Family Trust operates under the flagship brand K Hospitality, which oversees and invests in several hospitality and food service businesses, including Travel Food Services (collectively referred to as K Hospitality). Headquartered in Mumbai, Travel Food Services' portfolio features a diverse selection of food and beverage (F&B) concepts, including fast food, cafes, bakeries, food courts and bars, primarily located in airports and some highway locations.
The company's presence spans 14 airports in India, including major hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata and Chennai, as well as three airports in Malaysia, as of June 30, 2024. Its QSR outlets are predominantly located within airports, with select locations along highways. It also operated 31 lounges in India and Malaysia as of the same date and expanded internationally by opening a new lounge in Hong Kong in July this year.
The international brands include renowned names such as KFC, Pizza Hut, Wagamama, Coffee Bean & Tea Leaf, Jamie Oliver's Pizzeria, Brioche Doree, Subway, and Krispy Kreme. The regional Indian brands in its network feature popular chains such as Third Wave Coffee, Hatti Kaapi, Sangeetha, Bikanervala, Wow Momo, The Irish House, JOSHH, Adyar Ananda Bhavan and Bombay Brasserie.
Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities and Batlivala & Karani Securities India are the book-running lead managers to the issue. The equity shares are proposed to be listed on the NSE and the BSE.
Source: PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
