Mumbai-based Travel Food Services, one of India’s biggest players in airport food and lounge services, has received approval from the Securities and Exchange Board of India (Sebi) to launch a Rs 2,000 crore initial public offering ( IPO).
The company, which filed its draft papers with Sebi in December 2024, plans to raise the entire amount through an offer for sale (OFS) by the Kapur Family Trust.
Founded in 2009, Travel Food Services operates a chain of quick-service restaurants (QSRs) and premium lounges mainly in airports. According to a CRISIL report, it is a leading player in both these segments based on revenue for the year ended March 2024.
As of June 30, 2024, the company had 397 Travel QSR outlets across India and Malaysia, running 117 partner and in-house brands. Most of its outlets are located at airports, with a few on highways. Its lounge business spans 31 lounges in India and Malaysia, with a recent addition in Hong Kong in July 2024.
According to a CRISIL report, TFS is among the top players in India's airport travel QSR and lounge business by revenue in FY24. Its outlets are located in 14 major airports, covering 13 of India's 15 busiest hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai.
These airports account for 74% of India's total domestic and international air traffic, giving TFS a commanding market position.
The company has indicated that it sees significant room for further expansion, especially with India's growing air passenger traffic and increased infrastructure spending at airports. The management believes that scaling both its QSR and lounge segments will be key drivers of future growth.
TFS’ revenue from operations grew 31% to Rs 1,396 crore in FY24, while profit after tax rose 19% to Rs 298.02 crore. For the quarter ended June 30, 2024, it reported revenue of Rs 410 crore and a net profit of Rs 59.55 crore.
Kotak Mahindra Capital, HSBC, ICICI Securities, and Batlivala & Karani are the lead managers to the issue. The IPO will also include a portion reserved for eligible employees. The equity shares will be listed on the NSE and BSE.
The company, which filed its draft papers with Sebi in December 2024, plans to raise the entire amount through an offer for sale (OFS) by the Kapur Family Trust.
Founded in 2009, Travel Food Services operates a chain of quick-service restaurants (QSRs) and premium lounges mainly in airports. According to a CRISIL report, it is a leading player in both these segments based on revenue for the year ended March 2024.
As of June 30, 2024, the company had 397 Travel QSR outlets across India and Malaysia, running 117 partner and in-house brands. Most of its outlets are located at airports, with a few on highways. Its lounge business spans 31 lounges in India and Malaysia, with a recent addition in Hong Kong in July 2024.
According to a CRISIL report, TFS is among the top players in India's airport travel QSR and lounge business by revenue in FY24. Its outlets are located in 14 major airports, covering 13 of India's 15 busiest hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai.
These airports account for 74% of India's total domestic and international air traffic, giving TFS a commanding market position.
The company has indicated that it sees significant room for further expansion, especially with India's growing air passenger traffic and increased infrastructure spending at airports. The management believes that scaling both its QSR and lounge segments will be key drivers of future growth.
TFS’ revenue from operations grew 31% to Rs 1,396 crore in FY24, while profit after tax rose 19% to Rs 298.02 crore. For the quarter ended June 30, 2024, it reported revenue of Rs 410 crore and a net profit of Rs 59.55 crore.
Kotak Mahindra Capital, HSBC, ICICI Securities, and Batlivala & Karani are the lead managers to the issue. The IPO will also include a portion reserved for eligible employees. The equity shares will be listed on the NSE and BSE.
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