Travel Food Services IPO

About the company

Incorporated in 2007, Travel Food Services is one of the leading players in India's fast-growing airport travel quick service restaurant (Travel QSR) and lounge sector. It holds approximately 26% market share in the Indian airport travel QSR sector and 45% market share in the Indian airport lounge segment based on revenue in FY25. Its travel QSR business comprises 384 outlets across 13 domestic airports, 29 outlets across two airports in Malaysia, and 29 outlets across nine highway sites in India, operated directly and through associates and joint ventures. The company utilises a diverse F&B brand portfolio comprising 127 partner and in-house brands, including 32 international brands like KFC, Pizza Hut, and Wagamama; 58 regional Indian brands; and 37 in-house brands. The lounge business consists of 28 lounges in 10 airports in India, 8 lounges in 3 airports in Malaysia, and 1 lounge in Hong Kong, serving first and business class passengers, airline loyalty program members, and select credit and debit card holders. The company has maintained a contract retention rate of 93.94% from 2009 until March 31, 2025. The company operates in 14 airports in India, three airports in Malaysia, and one airport in Hong Kong, with 13 of the 14 Indian airports being among the 15 largest airports in the country by passenger traffic in FY25. These 14 airports collectively served 74% of total air passenger traffic in India in FY25, including major hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai. The Indian aviation sector experienced a CAGR of 9.1% for domestic passengers and 4.2% for international passengers between FY15 and FY25, with the Travel QSR sector growing at approximately 16% CAGR and the lounge industry at approximately 24% CAGR between FY19 and FY25. The Indian airport travel QSR sector is projected to grow at a CAGR of 17-19% from FY25 to FY34, reaching ₹170-180 billion, while the lounge industry is expected to grow at a 22-24% CAGR to reach ₹155-165 billion by 2034. The company is planning to roll out its ARAYA umbrella brand for global lounge expansion, targeting operations in India, the Middle East (excluding Egypt), and Southeast Asia directly through subsidiaries, while SSP will operate lounges in Europe, North America, and Australasia using the ARAYA concept and paying franchise fees. This strategy leverages the global lounge market's expected growth at 8.5-10.5% CAGR from 2024 to 2029, reaching $15-16 billion by 2034. Now, Travel Food Services is launching its initial public offering (IPO), which consists of an offer for sale worth over 1.81 crore shares. The total issue size of the IPO is ₹2,000 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   07 Jul 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   09 Jul 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   10 Jul 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   11 Jul 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   11 Jul 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   14 Jul 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.