{"id":11264,"date":"2025-07-09T15:47:11","date_gmt":"2025-07-09T10:17:11","guid":{"rendered":"https:\/\/trending.niftytrader.in\/?p=11264"},"modified":"2025-07-09T18:22:44","modified_gmt":"2025-07-09T12:52:44","slug":"travel-food-services-ipo-subscribed-1-34x-flat-gmp","status":"publish","type":"post","link":"https:\/\/www.niftytrader.in\/markets\/ipo-news\/travel-food-services-ipo-subscribed-1-34x-flat-gmp\/","title":{"rendered":"Travel Food Services IPO Subscribed 1.34x; Flat GMP Ahead of July 14 Listing"},"content":{"rendered":"<p>Travel Food Services IPO saw full subscription by July 9, driven by strong QIB demand. Grey market premium stays flat as investors await allotment on July 10 and listing on NSE, BSE by July 14.<\/p>\n<p data-start=\"457\" data-end=\"529\">IPO Fully Subscribed as QIB Demand Surges, Retail Response Muted<\/p>\n<p data-start=\"531\" data-end=\"907\">Travel Food Services Ltd., a leading operator of airport-based quick-service restaurants (QSRs) and lounges, successfully closed its initial public offer (IPO) on July 9, with an overall subscription of 1.34 times. The bidding data revealed strong interest from Qualified Institutional Buyers (QIBs) while Retail and HNI segments remained cautious.<\/p>\n<p data-start=\"909\" data-end=\"1257\">According to the NSE bidding data as of 1:15 p.m., the <a href=\"https:\/\/www.niftytrader.in\/ipo\">IPO<\/a> garnered bids for 1.79 crore equity shares against 1.34 crore shares on offer. The QIB category witnessed robust demand at 3.53x subscription, while Non-Institutional Investors (NIIs) subscribed at 59% and Retail Individual Investors (RIIs) at just 40%.<\/p>\n<p data-start=\"909\" data-end=\"1257\">Check This <a href=\"https:\/\/www.niftytrader.in\/ipo\/travel-food-services-ipo\">Travel Food Services IPO<\/a><\/p>\n<ul data-start=\"1259\" data-end=\"1514\">\n<li data-start=\"1259\" data-end=\"1374\">\n<p data-start=\"1261\" data-end=\"1374\">IPO Subscription Status (Final Day):<br data-start=\"1301\" data-end=\"1304\" \/>\u2022 QIBs: 3.53x<br data-start=\"1319\" data-end=\"1322\" \/>\u2022 NIIs: 0.59x<br data-start=\"1337\" data-end=\"1340\" \/>\u2022 RIIs: 0.40x<br data-start=\"1355\" data-end=\"1358\" \/>\u2022 Total: 1.34x<\/p>\n<\/li>\n<li data-start=\"1376\" data-end=\"1430\">\n<p data-start=\"1378\" data-end=\"1430\">Anchor Investment Raised: \u20b9600 crore on July 5<\/p>\n<\/li>\n<li data-start=\"1431\" data-end=\"1474\">\n<p data-start=\"1433\" data-end=\"1474\">Price Band: \u20b91,045\u2013\u20b91,100 per share<\/p>\n<\/li>\n<li data-start=\"1475\" data-end=\"1514\">\n<p data-start=\"1477\" data-end=\"1514\">IPO Size: \u20b9~1,200 crore (approx.)<\/p>\n<\/li>\n<\/ul>\n<blockquote data-start=\"1516\" data-end=\"1715\">\n<p data-start=\"1518\" data-end=\"1715\">Highlight: <a href=\"https:\/\/www.niftytrader.in\/ipo?utm_source=Menu&amp;utm_medium=Header-Dropdown&amp;utm_campaign=Click-Track\">IPO<\/a> subscribed 1.34x; driven by strong institutional demand, flat retail\/HNI participation<br data-start=\"1626\" data-end=\"1629\" \/>Key Dates:<br data-start=\"1648\" data-end=\"1651\" \/>\u2022 Allotment: July 10<br data-start=\"1677\" data-end=\"1680\" \/>\u2022 Listing on NSE\/BSE: July 14<\/p>\n<\/blockquote>\n<p data-start=\"1518\" data-end=\"1715\">Also Read : <a href=\"https:\/\/www.niftytrader.in\/content\/tcs-q1-preview-revenue-dip-genai-push-margin-strain-in-focus-ahead-of-july-10\/\">TCS Q1 Preview: Revenue Dip, GenAI Push &amp; Margin Strain in Focus Ahead of July 10<\/a><\/p>\n<h2 data-start=\"1722\" data-end=\"1789\">Flat GMP in Grey Market Hints at Muted Listing Expectations<\/h2>\n<p data-start=\"1791\" data-end=\"2109\">Despite full subscription, the grey market premium (GMP) for Travel Food Services IPO is flat to negligible, indicating no immediate listing pop is expected based on unregulated market trends. Market observers say lack of high-street buzz and modest retail\/HNI interest has kept sentiment lukewarm.<\/p>\n<p data-start=\"2111\" data-end=\"2379\">Web portals tracking GMP activity show that the shares are commanding zero or marginal premium, with fluctuations depending on broader market mood. This suggests listing may be at or near issue price, unless institutional demand triggers post-listing momentum.<\/p>\n<p data-start=\"2111\" data-end=\"2379\">Check This <a href=\"https:\/\/www.niftytrader.in\/ipo\/gmp\">Grey Market Premium (GMP)<\/a><\/p>\n<ul data-start=\"2381\" data-end=\"2472\">\n<li data-start=\"2381\" data-end=\"2421\">\n<p data-start=\"2383\" data-end=\"2421\">GMP Today: \u20b90 to \u20b910 (fluctuating)<\/p>\n<\/li>\n<li data-start=\"2422\" data-end=\"2472\">\n<p data-start=\"2424\" data-end=\"2472\">Estimated Listing Price Range: \u20b91,050\u2013\u20b91,120<\/p>\n<\/li>\n<\/ul>\n<blockquote data-start=\"2474\" data-end=\"2668\">\n<ul>\n<li data-start=\"2476\" data-end=\"2668\">Highlight: Grey market premium remains flat; cautious optimism for stable listing<\/li>\n<li data-start=\"2476\" data-end=\"2668\">Investor Strategy: Watch for QIB-driven listing day volume before taking fresh positions<\/li>\n<\/ul>\n<\/blockquote>\n<h2 data-start=\"2675\" data-end=\"2758\">Airport-Focused QSR &amp; Lounge Operator with Global Backing<\/h2>\n<p data-start=\"2760\" data-end=\"3048\">Incorporated in 2009, Travel Food Services Ltd. operates QSR outlets, caf\u00e9s, and premium airport lounges across major Indian and Malaysian airports. It has built a portfolio of domestic and international F&amp;B brands and operates under both own brands and global franchises.<\/p>\n<p data-start=\"3050\" data-end=\"3355\">The company is promoted by SSP Group plc, a UK-based international food &amp; beverage operator with airport-focused operations in over 30 countries. Key promoters include SSP Group Holdings Ltd, SSP Asia Pacific Holdings Ltd, and the Kapur Family Trust along with Varun Kapur and Karan Kapur.<\/p>\n<ul data-start=\"3357\" data-end=\"3662\">\n<li data-start=\"3357\" data-end=\"3558\">\n<p data-start=\"3359\" data-end=\"3558\">Business Segments:<br data-start=\"3381\" data-end=\"3384\" \/>\u2022 Travel QSRs (e.g., KFC, Domino&#8217;s, Caf\u00e9 Coffee Day, Swiggy Access tie-ups)<br data-start=\"3461\" data-end=\"3464\" \/>\u2022 Premium Lounges (domestic &amp; international terminals)<br data-start=\"3520\" data-end=\"3523\" \/>\u2022 In-terminal retail F&amp;B services<\/p>\n<\/li>\n<li data-start=\"3560\" data-end=\"3611\">\n<p data-start=\"3562\" data-end=\"3611\">Presence: India and Malaysia (20+ airports)<\/p>\n<\/li>\n<li data-start=\"3612\" data-end=\"3662\">\n<p data-start=\"3614\" data-end=\"3662\">Promoters: SSP Group plc, Kapur Family Trust<\/p>\n<\/li>\n<\/ul>\n<blockquote data-start=\"3664\" data-end=\"3895\">\n<ul>\n<li data-start=\"3666\" data-end=\"3895\">Highlight: Travel QSR &amp; lounge business with global F&amp;B promoter backing; strong positioning in post-COVID travel boom<\/li>\n<li data-start=\"3666\" data-end=\"3895\">Peers to Watch: Devyani International (DIL), Jubilant FoodWorks, Barbeque Nation<\/li>\n<\/ul>\n<\/blockquote>\n<h3 data-start=\"3902\" data-end=\"3944\">IPO Objective &amp; Financial Snapshot<\/h3>\n<p data-start=\"3946\" data-end=\"4256\">The IPO proceeds will be used primarily to repay debt, fund capex, and expand operational footprint across new terminals and high-traffic airports. The company has also outlined investments in digital upgrades, AI-led supply chain optimization, and brand refresh initiatives post-COVID.<\/p>\n<ul data-start=\"4258\" data-end=\"4416\">\n<li data-start=\"4258\" data-end=\"4416\">\n<p data-start=\"4260\" data-end=\"4416\">Net Proceeds Utilisation:<br data-start=\"4289\" data-end=\"4292\" \/>\u2022 \u20b9300\u2013350 crore: Debt repayment<br data-start=\"4326\" data-end=\"4329\" \/>\u2022 \u20b9250+ crore: Expansion &amp; infrastructure<br data-start=\"4372\" data-end=\"4375\" \/>\u2022 Remainder: General corporate purposes<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"4418\" data-end=\"4454\">Financial metrics as per RHP (FY24):<\/p>\n<div class=\"_tableContainer_80l1q_1\">\n<div class=\"_tableWrapper_80l1q_14 group flex w-fit flex-col-reverse\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"4456\" data-end=\"4805\">\n<thead data-start=\"4456\" data-end=\"4506\">\n<tr data-start=\"4456\" data-end=\"4506\">\n<th data-start=\"4456\" data-end=\"4485\" data-col-size=\"sm\">Metric<\/th>\n<th data-start=\"4485\" data-end=\"4506\" data-col-size=\"sm\">Value<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"4557\" data-end=\"4805\">\n<tr data-start=\"4557\" data-end=\"4606\">\n<td data-start=\"4557\" data-end=\"4585\" data-col-size=\"sm\">Revenue (FY24)<\/td>\n<td data-start=\"4585\" data-end=\"4606\" data-col-size=\"sm\">\u20b91,002 crore<\/td>\n<\/tr>\n<tr data-start=\"4607\" data-end=\"4656\">\n<td data-start=\"4607\" data-end=\"4635\" data-col-size=\"sm\">EBITDA Margin<\/td>\n<td data-start=\"4635\" data-end=\"4656\" data-col-size=\"sm\">18.4%<\/td>\n<\/tr>\n<tr data-start=\"4657\" data-end=\"4706\">\n<td data-start=\"4657\" data-end=\"4685\" data-col-size=\"sm\">PAT<\/td>\n<td data-start=\"4685\" data-end=\"4706\" data-col-size=\"sm\">\u20b956 crore<\/td>\n<\/tr>\n<tr data-start=\"4707\" data-end=\"4755\">\n<td data-start=\"4707\" data-end=\"4734\" data-col-size=\"sm\">ROCE<\/td>\n<td data-start=\"4734\" data-end=\"4755\" data-col-size=\"sm\">11.6%<\/td>\n<\/tr>\n<tr data-start=\"4756\" data-end=\"4805\">\n<td data-start=\"4756\" data-end=\"4784\" data-col-size=\"sm\">Debt\/Equity<\/td>\n<td data-start=\"4784\" data-end=\"4805\" data-col-size=\"sm\">1.12x<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"sticky end-(--thread-content-margin) h-0 self-end select-none\">\n<ul>\n<li class=\"absolute end-0 flex items-end\">Highlight: Healthy EBITDA, strong post-COVID recovery, though high leverage remains a watch<\/li>\n<li class=\"absolute end-0 flex items-end\">Sector Outlook: Bullish on travel-linked consumption as air passenger volumes continue to rise<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<h3 data-start=\"5020\" data-end=\"5064\">Market Outlook &amp; Key Stocks to Watch<\/h3>\n<p data-start=\"5066\" data-end=\"5313\">The IPO closes at a time when the travel and hospitality sector is seeing a cyclical upturn amid rising passenger footfalls and increasing domestic air connectivity. However, weak HNI and retail participation may weigh on short-term sentiment.<\/p>\n<p data-start=\"5315\" data-end=\"5499\">Traders should watch stocks in the F&amp;B QSR and airport retail space, including Devyani International, Jubilant FoodWorks, and Adani Airports, for potential correlation.<\/p>\n<ul data-start=\"5501\" data-end=\"5815\">\n<li data-start=\"5501\" data-end=\"5567\">\n<p data-start=\"5503\" data-end=\"5567\">QSR Sector Outlook: Steady demand, rising rental pressures<\/p>\n<\/li>\n<li data-start=\"5568\" data-end=\"5815\">\n<p data-start=\"5570\" data-end=\"5815\">Post-listing Watchlist:<br data-start=\"5597\" data-end=\"5600\" \/>\u2022 Travel Food Services (on listing day)<br data-start=\"5645\" data-end=\"5648\" \/>\u2022 Devyani International \u2013 Similar airport-linked QSR model<br data-start=\"5712\" data-end=\"5715\" \/>\u2022 Jubilant FoodWorks \u2013 Urban dining sentiment play<br data-start=\"5771\" data-end=\"5774\" \/>\u2022 IRCTC \u2013 Travel consumption play<\/p>\n<\/li>\n<\/ul>\n<blockquote data-start=\"5817\" data-end=\"6033\">\n<ul>\n<li data-start=\"5819\" data-end=\"6033\">Highlight: Traders may look for listing day volumes, F&amp;O action, and peer movement post-allotment<\/li>\n<li data-start=\"5819\" data-end=\"6033\">Global Cue: Travel sector sentiment in US &amp; Europe could influence outlook for QSR stocks in India<\/li>\n<\/ul>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Travel Food Services IPO saw full subscription by July 9, driven by strong QIB demand. Grey market premium stays flat as investors await allotment on July 10 and listing on NSE, BSE by July 14. IPO Fully Subscribed as QIB Demand Surges, Retail Response Muted Travel Food Services Ltd., a leading operator of airport-based quick-service [&hellip;]<\/p>\n","protected":false},"author":4,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1367],"tags":[],"ppma_author":[1331],"class_list":{"0":"post-11264","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ipo-news"}," _eael_post_view_count":0,"authors":[{"term_id":1331,"user_id":4,"is_guest":0,"slug":"sourabh","display_name":"Sourabh Sharma","avatar_url":{"url":"https:\/\/trending.niftytrader.in\/wp-content\/uploads\/2025\/11\/Sourabh-Sharma.png","url2x":"https:\/\/trending.niftytrader.in\/wp-content\/uploads\/2025\/11\/Sourabh-Sharma.png"},"0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":""}],"_links":{"self":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/comments?post=11264"}],"version-history":[{"count":2,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11264\/revisions"}],"predecessor-version":[{"id":11280,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11264\/revisions\/11280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media\/11265"}],"wp:attachment":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media?parent=11264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/categories?post=11264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/tags?post=11264"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/ppma_author?post=11264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}