Travel Food Services Limited IPO: 10 Key Things to Know Before Investing

Travel Food Services Limited (TFS) is a leading airport-centric F&B operator in India with over 397 Travel QSR (Quick Service Restaurant) outlets and a strong presence in exclusive airport lounges. It partners with over 117 global and in-house brands, making it a trusted name among frequent flyers.

Its long-standing presence at India’s busiest airports like Mumbai (15 years) and Delhi (14 years) showcases its operational strength and relationship with airport authorities. With rising air travel in India and Southeast Asia, TFS is well-placed to ride the travel boom and scale its high-margin lounge and QSR business. 

Here are the key details of the IPO: 

• IPO dates: July 7th - 9th, 2025 
 

• Listing date: July 14th, 2025 
 

• Price band: ₹1,045 - ₹1,100 per share 
 

• Total issue size: ₹2,000 Cr 
 

• Face value: ₹1 per share 
 

• Listing Exchange: BSE, NSE 
 

• Lot Size: 13 Shares 
 

• Promoters: SSP Group plc, SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited, Kapur Family Trust, Varun Kapur, and Karan Kapur 

The minimum investment required to apply for the Travel Food Services IPO is ₹13,585, based on the lot size of 13 shares at the lower price band of ₹1,045 per share. However, to increase your chances of allotment, we recommend applying at the upper price band, which would require ₹14,300 (13 shares at ₹1,100 per share). 

Founded in 2007, Travel Food Services Limited operates across two verticals:

• Travel QSRs: Fast and convenient food services tailored for travelers across airports in India and Malaysia. 
• Airport Lounges: Premium lounge operations catering to business and high-tier travelers.

With a deep understanding of airport operations and traveler needs, TFS has built a portfolio of high-performing F&B brands, both owned and franchised, and delivers services at 14 airports in India and 3 in Malaysia. 

The primary objective of this IPO is:

• To facilitate an Offer for Sale (OFS) by the promoter selling shareholders. 
• The company will not receive any funds from the IPO proceeds. 
• The listing will enhance the company’s market visibility and offer liquidity to existing shareholders. 

The IPO allocation is likely to follow this structure (final breakup not yet disclosed): 

• QIB Shares Offered: Not less than 50% of the issue 
• Retail Shares Offered: Not more than 35% of the issue 
• NII (HNI) Shares Offered: Not more than 15% of the issue 

Strengths: 

• Market leader in Travel QSR and Lounges in Indian airports 
• Wide brand portfolio with premium and fast-service offerings 
• Deep insights into traveler behaviour and preferences 
• Synergies from partnerships with global leader SSP and K Hospitality 
• Strong financial growth with increasing profits year on year

Risks: 
 

• Heavy dependence on airport-based operations (~95.8% of revenues in FY23–25) 
• Top 5 airports contribute ~85.9–90.3% of revenue, posing concentration risk 
• Franchise dependency (~54% of QSR revenue) could affect growth if relationships weaken 
• Lounge revenue (~45% of total) is reliant on sustained partnerships and travel traffic 

Here’s a snapshot of the company’s recent financials (in ₹ Cr): 

TFS has posted consistent revenue and profit growth over the last three years, reflecting strong operational efficiency and market demand. 

• Basis of allotment: July 10, 2025 
• Refund initiation: July 11, 2025 
• Shares credited to demat accounts: July 11, 2025 
• Listing date: July 14, 2025 

Travel Food Services Limited offers an interesting proposition for investors with its strong foothold in the high-traffic Indian airport F&B sector, proven brand partnerships, and healthy financial performance. However, investors should consider the concentration risk of revenues from key airports and reliance on concession agreements.

If you believe in the long-term growth of air travel in India and are comfortable with the risk factors, this IPO could be a valuable addition to your portfolio.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult your financial advisor before investing.