Everything you need to know about Travel Food Services IPO

About

Travel Food Services (TFS), established in 2007 and headquartered in Mumbai, is a prominent player in India’s travel food and beverage (F&B) sector. Operating over 442 F&B outlets and 37 lounges, TFS has presence in 18 airports in India, Malaysia and Hongkong. A joint venture between K Hospitality Corp and the UK’s SSP Group, TFS has a portfolio of 127 brands for airports, including KFC, Jamie Oliver’s Kitchen, and Brioche Dorée. The company focuses on enhancing travel experiences by providing curated dining concepts and premium lounge services at major travel hubs. In FY25, TFS reported revenues of ₹1,687 crore, reflecting a 21% year-on-year growth.

IPO schedule

Issue open date 2025-07-07
Issue close date 2025-07-09
UPI mandate deadline 2025-07-09 (5 PM)
Allotment finalization 2025-07-10
Refund initiation 2025-07-11
Share credit 2025-07-11
Listing date 2025-07-14
Mandate end date 2025-07-24
Lock-in end date for anchor investors (50%) 2025-08-09
Lock-in end date for anchor investors (remaining) 2025-10-08

Financials

Financial Year Ended March 2023 March 2024 March 2025
Total Assets 1332.32 1696.44 1902.73
Revenue 1067.15 1396.32 1687.74
Profit After Tax 244 288 363

*All values are in crores

Issue size

Funds Raised in the IPO Amount
Overall ₹2000 crores
Offer for sale ₹2000 crores

Strengths

  • Market leader in Travel QSR (26%) and Lounge (45%) segments at Indian airports (FY25, CRISIL).
  • Diverse F&B portfolio of 127+ brands—international, regional, and in-house.
  • Proven expertise in airport F&B operations under complex and secure conditions.
  • Robust financials: 21% revenue and 27% net profit growth, with 50%+ RoCE in FY25.
  • Strong balance sheet: zero debt and ₹600+ crore in cash as of Mar-25.
  • Industry recognition, including “Asia’s Leading Airport Lounge” award.

Risks

  • High dependence on passenger traffic makes revenue vulnerable to travel trends.
  • Sensitive to economic slowdowns and geopolitical disruptions.
  • Intense competition from both domestic and international F&B operators in the travel sector.
  • Operational complexity in ensuring consistent service quality across locations.
  • Planned IPOs could face delays due to market volatility.

Allotment Status for Travel Food Services

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