Latest News | Travel Food Services IPO to Open on July 7; Sets Price Band at Rs 1,045-1,100/ Share
Get latest articles and stories on Latest News at LatestLY. Travel Food Services, which operates quick-service restaurants and lounge business across airports in India and Malaysia, on Wednesday fixed a price band of Rs 1,045 to Rs 1,100 per share for its Rs 2,000-crore initial public offering (IPO).
New Delhi, Jul 2 (PTI) Travel Food Services, which operates quick-service restaurants and lounge business across airports in India and Malaysia, on Wednesday fixed a price band of Rs 1,045 to Rs 1,100 per share for its Rs 2,000-crore initial public offering (IPO).
The initial share-sale will open on July 7 and conclude on July 9. The allocation to anchor investors will take place on July 4, the company announced.
The proposed IPO is entirely an offer-for-sale (OFS) of shares worth Rs 2,000 crore by promoter Kapur Family Trust. The offer includes reservations for subscriptions by eligible employees.
The Kapur Family Trust operates under the flagship brand K Hospitality, which oversees and invests in several hospitality and food service businesses, including Travel Food Services.
Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholder.
Travel Food Services launched its first travel quick-service restaurant (QSR) outlet in 2009. It is promoted by SSP Group plc (SSP) and its affiliates SSP Group Holdings Ltd, SSP Financing Ltd, SSP Asia Pacific Holdings Ltd along with the Kapur Family Trust, Varun Kapur and Karan Kapur.
Headquartered in Mumbai, Travel Food Services' portfolio features a diverse selection of food and beverage (F&B) concepts tailored for travellers, including fast food, cafes, bakeries, food courts and bars, primarily located in airports and some highway locations.
The company's presence spans 14 airports in India, including major hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata and Chennai, as well as three airports in Malaysia, as of June 30, 2024.
With a portfolio of 117 partner and in-house brands, the company operates 397 Travel QSR outlets across India and Malaysia, as of June 2024.
As of June 2024, Travel Food Services boasts a diverse portfolio of partner brands, comprising both international and regional Indian brands, alongside its in-house brands.
The international brands include renowned names such as KFC, Pizza Hut, Wagamama, Coffee Bean & Tea Leaf, Jamie Oliver's Pizzeria, Brioche Doree, Subway, and Krispy Kreme.
The regional Indian brands in its network feature popular chains such as Third Wave Coffee, Hatti Kaapi, Sangeetha, Bikanervala, Wow Momo, The Irish House, JOSHH, Adyar Ananda Bhavan and Bombay Brasserie.
Additionally, Travel Food Services has developed its own in-house brands, including CafA ©ccino, Dilli Streat, idli.com and Curry Kitchen.
The company announced that half of the issue size has been set aside for qualified institutional buyers (QIBs), 35 per cent has been reserved for retail investors and the remaining 15 per cent of the portion for non-institutional investors (NIIs).
Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities and Batlivala & Karani Securities India are the book-running lead managers to the issue.
The equity shares are proposed to be listed on the NSE and BSE.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)