Travel Food Services IPO subscribed nearly 3 times on day 3; check GMP, and other details

The initial public offering (IPO) of Travel Food Services was fully subscribed on Wednesday, with the issue subscribed 2.87 as of 04:40 PM on the third and final day of bidding.

The IPO received bids for 3.84 crore shares against 1.34 crore shares on offer. The retail portion was subscribed 67%, while non-institutional investors (NIIs) had subscribed 1.58 times their allotted portion. Meanwhile, the Qualified Institutional Buyers (QIBs) segment saw the highest bids with 7.70 times subscription.

Travel Food Services GMP

In the unlisted market, shares of Travel Food Services were trading at a grey market premium (GMP) of Rs 6, down from a range of Rs 8–9, indicating a modest potential listing gain of about 0.6% over the upper end of the price band.


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Ahead of the IPO, the company raised Rs 599 crore from anchor investors by allotting 54,43,635 equity shares at Rs 1,100 apiece on Friday, July 4.

Anchor investors included ICICI Prudential Mutual Fund, Abu Dhabi Investment Authority, Axis Mutual Fund, Kotak Mutual Fund, HDFC Life Insurance, Fidelity, SBI General Insurance, and Tata AIA Life Insurance, among others.

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About Travel Food Services IPO

The company has set the price band for the IPO at Rs 1,045 to Rs 1,100 per share. The issue is a 100% offer for sale (OFS), with no fresh equity being issued.

Investors can place bids for a minimum of 13 equity shares and in multiples of 13 thereafter.

As per the offer structure, 50% of the issue is reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs).

About the company

Promoted by UK-based SSP Group plc and the Kapur Family Trust, Travel Food Services operates India’s largest airport food and lounge network, with 413 outlets, of which 384 are located at airports across 14 Indian cities. It also runs 37 airport lounges, including 28 private ones, making it the largest lounge operator in India.

The company also operates internationally at three airports—two in Malaysia and one in Hong Kong.

Travel Food Services financials

In FY25, Travel Food Services reported a 27.4% year-on-year rise in profit to Rs 379.7 crore, while revenue grew 20.9% to Rs 1,687.7 crore.

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