Airport restaurants operator Travel Food Services has set a price band of 1,045 rupees-1,100 rupees for its initial public offering, a newspaper ad showed on Wednesday, following HDB Financial Services‘ blockbuster IPO.
The price band values Travel Food Services, which plans to raise 20 billion rupees ($233.49 million) via a three-day share sale beginning July 7, at 144.8 billion rupees ($1.69 billion) at the upper end of the range.
The issue will consist solely of the company’s largest shareholder, Kapur Family Trust, divesting its shares. It was not immediately clear if the Trust would divest all its shares. Travel Food Services did not immediately respond to a Reuters request for comment.
India’s IPO has picked up steam after a slow start this year, due to market gyrations from global trade worries and a domestic border conflict.
HDB Financial Services jumped more than 13% in its trading debut on Wednesday, with its $1.5 billion IPO turning out to be India’s largest in 2025 and the largest ever by a non-banking financial company.
Travel Food Services, a joint venture between UK-based restaurant operator SSP Group SSPG.L and India’s K-Hospitality, said it has a revenue-based market share of about 26% in the domestic airport restaurant sector.
It operates brands such as Wendy’s and Subway as well as airport lounges, in which it has a 45% domestic market share, as per a CRISIL report.
The company’s revenue from operations rose nearly 21% in fiscal 2025 to 16.88 billion rupees, while profit jumped more than 27% to 3.8 billion rupees, according to its prospectus.
Competitor Dreamfolks Services DREM.NS is valued at about 12.11 billion rupees.
According to PRIME Database, there are 143 Indian IPOs being planned worth a potential $26 billion. Regulators have so far approved 73.
Reuters
