Travel Food Services Ltd (TFS) has filed draft documents with SEBI to raise Rs 2,000 crore through an initial public offering (IPO). The IPO will be a complete offer-for-sale by the Kapur Family Trust, which holds 51% of TFS, while SSP Asia Pacific Holdings owns the remaining 49%. Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani Securities will manage the issue.
TFS is a market leader in India’s fast-growing airport quick service restaurant (QSR) and lounge business. The company has various food and beverage outlets that cater to the different requirements of busy travelers. At June 30, 2024, TFS operated 397 QSR outlets across 14 airports in India, two airports in Malaysia, and eight highways. TFS and its subsidiaries directly manage 340 outlets, while the remaining 57 are operated through joint ventures and associates.
In the lounge space, TFS targets the premium traveler, running 31 lounges in India and Malaysia, along with a new one in Hong Kong that started operating in July 2024. TFS had 24 percent of the revenue market share in the airport QSR segment and 45 percent in the country’s airport lounge market in fiscal 2024.
Financially, TFS has recorded robust growth with revenue increasing to Rs 1,396.32 crore in FY24 from Rs 1,067.15 crore in FY23. The net profit increased significantly to Rs 298.02 crore in FY24 from Rs 251.29 crore in the previous year.
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Source: Moneycontrol
News Desk
