Travel Food Services IPO: Check GMP, Price Band, Subscription Status & Key Details

The Rs 2,000-crore initial public offering (IPO) of Travel Food Services Ltd (TFS) — one of India’s largest airport food and beverage operators — has closed on a muted note, drawing limited interest from investors across categories. The Mumbai-based company had revealed that the offering was entirely an offer-for-sale (OFS), with existing shareholders including SSP Asia Pacific Holdings and the Kapur Family Trust offloading their stakes.

Travel Food Services IPO: Price band

The IPO was open for subscription from July 5 to July 8, 2025, with a price band set between Rs 1,090 and Rs 1,100 per share. Each lot comprised 13 equity shares, and the issue was expected to raise capital for debt reduction, expansion at key airports, and other corporate requirements.

Ahead of the IPO, the company raised Rs 599 crore from anchor investors. Some of the key participants in the anchor round included ICICI Prudential Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund, SBI General Insurance, Tata AIA, Norway’s Government Pension Fund Global (GPFG), Fidelity, and WhiteOak Capital. 

Travel Food Services IPO: Grey Market Premium 

In the unofficial market, the IPO’s performance was equally subdued. According to data updated on July 8, 2025, at 2:36 PM, the grey market premium (GMP) for Travel Food Services stood at Rs 12. This translates to an estimated listing price of Rs 1,112 — only 1.09% higher than the upper end of the IPO price band. 

Also Read: Travel Food Services IPO Today: GMP Buzz, Hot Demand—Apply Now or Wait | Republic World

Travel Food Services IPO: Subscription status

As of the final bidding day, the IPO was subscribed just 15%, reflecting weak demand from institutional investors, high-net-worth individuals (HNIs), and retail participants. Despite being positioned as a leader in India’s airport food and beverage space, the IPO struggled to gain traction in both institutional and retail segments.

With such low demand across all investor categories, the IPO risks falling short of the minimum subscription required for successful allotment.

Travel Food Services IPO: Financial Performance 

For FY25, the company registered Rs 1,688 crore in revenue, with earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 676 crore. The company's profit after tax stood at Rs 380 crore.

About the company

Travel Food Services has a strong presence across key Indian airports, including in Mumbai, Delhi, Bengaluru, and Hyderabad. It operates food courts, cafés, and kiosks in partnership with both domestic and international food brands. The company has built a reputation for offering curated dining experiences tailored for airport travellers, which helped it scale operations quickly over the last decade.

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