Restaurant India News: Travel Food Services Closes IPO at 2.88 Times Subscription, Strong QIB Interest

The initial public offering (IPO) of Travel Food Services Ltd, a leading operator of travel-focused quick-service restaurants (QSRs) and lounges, closed with a subscription of 2.88 times on the final day of bidding, Wednesday.

According to data from the National Stock Exchange (NSE), the IPO attracted bids for 3,86,35,064 shares against the 1,34,12,842 shares available for sale.

The breakdown of subscriptions shows a clear tilt toward institutional interest. The Qualified Institutional Buyers (QIBs) portion was subscribed 7.70 times, reflecting strong demand from large investors. The non-institutional investors category saw 1.58 times subscription, while the quota reserved for Retail Individual Investors (RIIs) was subscribed 69 percent.

Ahead of the IPO, Travel Food Services raised approximately Rs 600 crore from anchor investors on Friday.

The IPO was priced in the range of Rs 1,045–1,100 per share. The offering, entirely an offer for sale (OFS), aims to raise Rs 2,000 crore. Since it is fully an OFS by the promoter Kapur Family Trust, the company itself will not receive any proceeds from the IPO. The funds will go directly to the selling shareholder.

Founded in 2009, Travel Food Services operates QSR outlets, cafes, bakeries, bars, food courts, and lounges—primarily in airports across India and Malaysia, with some presence at highway locations. The business is backed by SSP Group plc 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.

The Mumbai-based company has established itself as a significant player in India’s travel hospitality sector, catering to transit passengers through a mix of branded and bespoke food and beverage offerings.

The IPO was managed by Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities, and Batlivala & Karani Securities India, serving as the book-running lead managers. The equity shares are proposed to be listed on both the NSE and BSE.