Travel Food Services IPO 2025 : Price, Date, GMP

Travel Food Services Limited is a leading airport food and beverage (F&B) service provider, operating over 397 QSRs and lounges at over 14 airports in India and Malaysia. The company’s ₹2,000 crore IPO is entirely an Offer for Sale (OFS), which will open for subscription from July 7 to July 9, 2025. There is a lot of excitement in the market about this IPO, as the company’s business model, brand value and its strong hold in the travel industry are attracting investors.

Travel Food Services IPO Details

About Travel Food Services Limited

Travel Food Services Limited was started in the year 2007. The company is one of the leading food and beverage services providers at airports in India and Malaysia.

Extensive Brand Portfolio : The company has a strong portfolio of 117 partner and in-house brands through which it targets different customer preferences.

397 QSR and Lounge Operations : As of June 30, 2024, the company was operating a total of 397 travel QSRs and lounges, which focus on providing fast and quality service while traveling.

Presence at major airports : The company has a presence in major airports like Delhi, Mumbai, Bengaluru, Hyderabad, Chennai and Kolkata in India. Apart from this, the company’s services are also available in three airports in Malaysia.

Long-running operations : The company has been providing services at Delhi Airport for the last 14 years, Mumbai for 15 years, Chennai for 11 years and Bengaluru for 5 years. This gives an idea of ​​the company’s experience and operational capability.

Special focus on customer experience : Travel food services understand the preferences and convenience of travellers and provide them with customised food options and high-quality service, thus enhancing their travel experience.

Financial Performance of Travel Food Services Limited

Objectives of the Travel Food Services IPO

Only Offer for Sale (OFS), no new capital will come : This IPO of Travel Food Services Limited is completely an Offer for Sale (OFS), in which about 1.82 crore equity shares worth a total of ₹ 2,000 crore will be sold. This issue does not include any fresh issue from the company, that is, the company will not receive any capital directly from this issue.

Promoter and existing shareholders will get funds : The entire amount received from this issue will go to the promoter selling shareholders, who are selling part of their holding. This simply means that this issue has not been brought for the expansion of the company, repayment of debt or new projects but to withdraw the stake of the promoter and existing investors.

No financial benefit to the company : Since it is completely OFS, Travel Food Services will not get any financial benefit from this issue. It will also not have any direct impact on the balance sheet of the company.

What does this mean for investors? 

When there is no fresh issue in an IPO and the entire amount goes to the promoters, it shows that the company does not feel the need for fresh capital for its business. However, investors must check why the promoters are selling their stake. Is it just profit booking or part of a strategic change.

Reservation Details

Competitive Strengths of Travel Food Services

Leading position in the Indian airport F&B sector : Travel Food Services Limited is one of the largest airport travel QSR (Quick Service Restaurants) and lounge services companies in India. The company has a presence at major airports in the country, directly reaching millions of passengers and its network is constantly expanding.

Extensive presence in India and Malaysia : As of June 30, 2024, the company was operating over 397 QSRs and lounges at 14 Indian and 3 Malaysian airports. Its services at major airports like Delhi, Mumbai, Bengaluru, Chennai have been running continuously for the last several years, which clearly shows its strong hold and operational capabilities.

Diversified portfolio of 117 brands : The company has a wide portfolio of 117 in-house and partner brands. These brands cover a variety of food and drink options – such as Indian, international, healthy, and fast food options. This diversification enables it to cater to a variety of traveller preferences.

Deep understanding of travel customer preferences : Travellers have different needs and behaviours at the airport – they want fast, high-quality and trusted service. The company has understood these behaviour patterns of travellers through years of experience and has customised its brands, service design and menus accordingly.

Strong strategic partners like SSP and K Hospitality : The company is backed by two global and domestic giants – SSP Group and K Hospitality Corp. SSP is a leading travel F&B company in the world with operations in multiple countries, while K Hospitality is a strong name in the Indian hospitality sector. The partnership gives the company an edge in operational knowledge, supply chain management and scalability.

Experienced and professional leadership team : The company’s management team has years of experience in travel retail, food service and operations. Their vision regarding strategic decisions, brand building and growth strengthens the company’s growth.

Focus on providing high-quality customer experience : Whether it is a lounge experience or food at the food court, the company’s focus is always on providing a premium and sustainable customer experience. Providing better ambiance, cleanliness, quality and variety to the travellers are some of its biggest strengths.

Potential Risks Associated with Investing

100% OFS : The entire amount in this IPO will go to the promoter and existing shareholders as it is a pure offer for sale (OFS). This means that the company will not receive any fresh funds to expand its business or repay debt. This will give investors clarity on the company’s future plans.

High P/E multiple : The price-to-earnings (P/E) ratio of the IPO is around 48.6x, which can be considered much higher than the average of this sector. This creates the possibility that the valuation of the company may be high, and the share price may fluctuate after listing.

Dependence on air travel : The entire business model of the company is dependent on air travel and airport footfall. Any decline in travel, such as a situation like Covid or an economic slowdown, can directly impact the company’s revenue.

Operations dependent on airport contracts : The company’s presence is based on airports where it has been given permission to operate through contracts. If these contracts are not renewed in the future or another operator is chosen, the company could suffer a major setback.

Limited international expansion : Although the company is present in some airports in Malaysia, a large part of its presence is still concentrated in India. This means that the company’s international scalability is currently limited and no major global impact is visible.

Grey Market Premium (GMP) & Listing Prospects

As of July 2, 2025, the grey market premium for the Travel Food Services IPO remains nil (₹0), which means the stock is trading within the official price band (₹1,045–₹1,100)

Why does the grey market premium matter?

GMP indicates green sentiment if it is positive (e.g. up ₹100–200), the listing usually sees a modest uptrend. A GMP of ₹0 at the moment indicates that there is no significant excess excitement in the market, or that pricing is in equilibrium at the start.

Listing Prospects : Strong Fundamentals and Leadership: The company has reported revenue growth of 20.9% and PAT growth of 27.4% in FY25, along with continued growth in footfalls across key airports in India and Malaysia.

Airport Dominance : The company’s lead and expert position in the airport QSR and lounge sector makes it attractive to the market at the time of listing.

Investor Interest: Rising domestic tourism demand in the travel and hospitality sector and positive market environment for IPOs could make TFS’ listing exciting.

Also Read : Top Women Investors in India 2025

Final Thoughts

Travel Food Services Limited is a company with a strong brand portfolio and a long presence at major airports in India. Its IPO is entirely an offer for sale, which will not raise any fresh funds for the company. The company’s financial position, sector leadership and operational experience give it a distinct identity. However, keeping in mind the current valuation and grey market premium situation, it is important to review all the facts before participating in it.