Travel Food Services IPO: GMP, Valuation, And Price

Travel Food Services IPO - Complete Overview

Travel Food Services IPO, a Mainboard IPO, is a book-built issue of Rs. 2000 Cr (1.82 crore Shares) by Travel Food Services Limited. The company was established in 2007 and is an Indian company specialising in airport travel quick service restaurants (“Travel QSR”) and lounges (“Lounge”). 

As of 30 June 2024, the company’s F&B brand portfolio comprises 117 partner and in-house brands with the operation of 397 Travel QSRs located in India and Malaysia. The Travel QSR business encompasses a curated assortment of food and beverage (“F&B”) concepts offered through various cuisines, brands, and formats, which have been tailored to meet customers’ needs for speed and convenience during their travels.

The lounge business divides areas within airport terminals reserved predominantly for first class and business class travellers, loyalty programme members of the airline, some credit and debit card holders from specified grade programmes, selected mileage programme members, along with other membership incentive groups.

The company runs Travel QSR and Lounge operations at three airports in Malaysia and fourteen in India as of June 30, 2024.

This new IPO is to commence on 07 July 2025, and the initial public offering of this upcoming IPO will conclude on 09 July 2025.

If you want to apply for the IPO, click to open a Demat Account.

 

Travel Food Services IPO Details

The Rs. 2000 Cr Travel Food Services IPO comprises a wholly an offer for sale (OFS) of 1.82 crore shares.

The IPO listing date is on Monday, 14 July 2025, and it will be listed at BSE and NSE. Travel Food Services IPO price band is Rs. 1045 to Rs. 1100 for each Share.

 

 

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	1,902.73	1,696.44	1,332.32
Total Revenue	1,762.71	1,462.40	1,103.58
PAT	379.66	298.12	251.30
Net Worth	1,048.45	869.05	651.12
Reserves and Surplus	1,040.24	869.74	651.60
Borrowings	-	63.78	31.05

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	5,147.93	3,529.26	3,221.47
Net Cash Flow Investing Activities	(1,911.76)	(1,548.84)	(1,967.69)
Net Cash Flow Financing Activities	(3,426.94)	(1,721.48)	(1,043.61)

 

Revenue Bifurcation

Brand-wise Revenue Breakdown

(Amount in lac)

(Source - RHP)

 

The Objective of The Issue

The company won't get any money from the selling shareholders' offer to sell.

 

Click to check the IPO application status.

 

Peers of Travel Food Services Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Jubilant FoodWorks Limited	2	3.41	205.81
Devyani International Limited	1	0.08	2097.13
Sapphire Foods India Limited	2	0.60	548
Westlife Foodworld Limited	2	0.78	955.26
Restaurant Brands Asia Limited	10	-	-

 

Evaluation

Travel Food Services IPO price is between Rs. 1045 to Rs. 1100 for each Share.

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 27.58 from the last year, the resulting P/E ratio is 39.88x.

Considering the weighted EPS of Rs. 24.16 for the last three years, the P/E ratio is 45.52x.

Explore the Chemkart India IPO.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 951.55x.

Particulars	P/E Ratio (x)
Highest	2,097.13
Lowest	205.81
Average	951.55

In simple words, the P/E ratio of this IPO is 39.88x, compared with the industry’s average P/E of 951.55x, indicating an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

 

IPO's Strengths

• Dominant operator in the Travel QSR and Lounge segments in Indian airports.

• The wide-ranging portfolio of franchise F&B brands and in-house F&B brands, supplemented by high-quality brand partners, enhances the value.

• A strong grasp of travellers’ expectations emphasises delivering a quality customer experience.

• Competent staff management team, backed by our synergistic partnerships with SSP and K Hospitality.

 

 

IPO’s Weaknesses 

• The company earns nearly all its revenue, around 95%, from the Travel QSRs and Airport lounges. Revenue generation is primarily based on airline concession contracts with the governing bodies of the airports. These contracts are crucial for maintaining revenue streams. 

• In the past three fiscal years, operational revenue was generated from the five major airports. Significant reduction in passenger traffic at these core airports poses a significant threat to the company's financial performance. 

• There are numerous barriers to expansion for international markets for lounges. Domestic politics and economics, severe business regulations for foreigners, currency devaluation, among others, can greatly undermine resources and profits.

 

Travel Food Services IPO GMP 

Travel Food Services IPO GMP today is Rs. 92, as of 03 July 2025, while writing this information. Hence, its estimated listing price might be Rs. 1192.

Travel Food Services IPO Timetable (Tentative)

The IPO open date is from Jul 07 to Jul 09, with IPO allotment on Jul 10, refund initiation on Jul 11, and listing on Thursday, Jul 14, 2025.

Events	Date
IPO Opening Date	Jul 07, 2025
IPO Closing Date	Jul 09, 2025
IPO Allotment Date	Jul 10, 2025
Refund Initiation	Jul 11, 2025
IPO Listing Date	Jul 14, 2025

 

Travel Food Services IPO Details 

The IPO with a face value of Rs. 1 per Share will be listed at BSE and NSE.

IPO Opening & Closing Date	Jul 07, 2025 to Jul 09, 2025
Face Value	Rs. 1 per Share
Issue Price	Rs. 1045 to Rs. 1100
Lot Size	13 Shares
Issue Size	1.82 crore Shares (Rs. 2000 Cr)
Offer for Sale	1.82 crore Shares (Rs. 2000 Cr)
Fresh Issue	-
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Private Limited (Link Intime).

 

 

Travel Food Services IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (13 Shares) amounting to Rs. 14300 and 13 Lots (169 Shares) amounting to Rs. 1,85,900 respectively, while for HNI investors, the minimum Lot is 14 (182 Shares) amounting to Rs. 2,00,200.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	69 Lots
B-HNI (Minimum)	70 Lots

Travel Food Services IPO Reservation