Travel Food Services IPO: Early Subscription at 13% - Apply or Pass? Analyzing GMP, Price & Lot Details.
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The Travel Food Services (TFS) IPO opened on July 7, 2025, and closes on July 9, 2025. The IPO aims to raise ₹2,000 crore through an offer for sale of 1,81,81,818 equity shares. Here's a breakdown of the IPO and factors to consider before applying:

Subscription Status:

  • By 10:06 AM on the second day of bidding, the IPO was subscribed 12%.
  • The retail portion was subscribed 16%, the NII portion 9%, and the QIB portion 7%.
  • On the first day, the IPO was subscribed 10% overall. The retail portion was booked the most at 14%, followed by the QIB portion at 7% and the NII portion at 6%.

Price Band and Lot Size:

  • The IPO price band is set at ₹1,045 to ₹1,100 per share.
  • The lot size is 13 shares, requiring a minimum investment of ₹14,300.
  • Retail investors can apply for a maximum of 13 lots, totaling 169 shares for ₹1,85,900.

Grey Market Premium (GMP):

  • The Grey Market Premium (GMP) for Travel Food Services IPO is ₹30 today.
  • This is a decrease from ₹30 a day ago.
  • At the current GMP, Travel Food Services shares could list at ₹1,116, a premium of just 1.45%.
  • GMPs are subject to change and shouldn't be the sole factor in investment decisions.

Company Overview:

  • Travel Food Services is the leading player in the travel QSR and lounge sectors in Indian airports.
  • As of FY24, it holds a market share of 24% in the travel QSR sector and 45% in the lounge sector.
  • The company operates the largest network of travel QSRs in India, with 313 out of 340 operational outlets located in airports, and 24 lounges across major hubs.
  • TFS enjoys strong revenue visibility due to long-term concession agreements with major airports, averaging 8.2 years. It is present in 13 of the top 15 airports in India.

Financial Performance:

  • TFS has demonstrated robust financial performance.
  • In FY25, TFS reported revenue of Rs 1,688 crore, EBITDA of Rs 676 crore, and net profit of Rs 380 crore.
  • The company's return on equity stood at 34.5%, with PAT margins at 21.5%.
  • Revenue from operations increased from Rs 389.61 crore in FY22 to Rs 1,396.32 crore in FY24.
  • PAT dramatically increased from Rs 5.03 crore in FY22 to Rs 298.02 crore in FY24.

IPO Details:

  • The IPO is entirely an offer for sale (OFS), meaning the proceeds will go to the selling shareholders.
  • A portion of the shares (40,382) is reserved for employees, offered at a discount of ₹104 to the issue price.
  • The IPO is proposed to be listed on the NSE and BSE.
  • The likely date for share allocation is July 10, 2025, and the listing date is expected to be July 14, 2025.

Brokerage Ratings:

  • Arihant Capital has a "Neutral" rating on the IPO.
  • Canara Bank Securities suggested a 'Subscribe' rating.
  • Ventura Securities has assigned a 'subscribe' tag to the public issue.
  • SBI Securities has given a Subscribe rating.

Key Considerations:

  • Market Leadership: TFS is a leader in QSR services and F&B outlets at airports and highways.
  • Growth Potential: The company is well-positioned to benefit from India's underpenetrated air travel market and strong highway QSR growth. Expansion plans include international markets like Malaysia and Hong Kong.
  • Financials: The company has posted steady growth in its top and bottom lines.
  • Valuation: The issue appears fully priced based on recent financial data. The IPO values the firm at 39.88x FY25 earnings.
  • Risk Factors: Investors should consider the company fundamentals and their risk appetite before subscribing.

How to Apply:

  • Investors can bid for a minimum of 13 shares and in multiples thereof.
  • The IPO is open from July 7, 2025, to July 9, 2025.

In conclusion: The Travel Food Services IPO presents an opportunity to invest in a leading player in the growing airport QSR and lounge sector. However, potential investors should carefully consider the valuation, subscription levels, GMP trends, and their own risk tolerance before making a decision.


Written By
Anika Sharma is an emerging journalist with a passion for uncovering global stories and a commitment to impactful reporting, alongside a keen interest in sports. Holding a Master's in International Journalism, she brings a fresh perspective to complex world affairs. Anika is particularly focused on human rights and environmental issues, eager to leverage her skills to shed light on underreported topics and advocate for positive change worldwide. Her dedication to sports also influences her team-oriented approach to journalism.
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