Mumbai-based Company Travel Food Services has decided to raise funds of ₹2,000 crores through an IPO (Initial Public Offering) and submitted the Red Draft Herring Prospectus (DRHP) to SEBI. This issue is completely an Offer for Sale, in which 51% of the stake is held by the Kapur Family Trust in the company, while the remaining 49% stake goes to the SSP Asia Pacific Holdings.
Travel Food Services is one of the leading companies in India’s airport Travel QSR and lounge sector. The company operates over 350 Travel QSR outlets and more than 30 airport lounges, strategically located across major travel hubs. TFS is committed to delivering high-quality food and beverages with a variety that provides to fulfill travelers’ needs, ensuring their satisfaction and comfort. As of now, the company manages 397 Travel QSR outlets, including 335 across 14 airports in India, 30 in two Malaysian airports, and 32 along eight highway locations in India.
As for the lounge segment, Travel Food Services offers premium spaces in airport terminals which are limited to only first and business-class passengers, loyalty program members, and selected credit & debit cardholders.
The company opened 31 lounges in India and Malaysia as of June 30, 2024. And opened an extra lounge in Hong Kong in July 2024. As of Fiscal year 2024, Travel Food Services held 24% market share in India’s airport travel QSR and 45% of shares in the airport lounge market.
TFS achieved revenue of Rs 1,396.32 crore for fiscal 2024, up from Rs 1,067.15 crore the year before. The company’s net profit increased from Rs 251.29 crore to Rs 298.02 crore. The lead managers for the issue are Kotak Mahindra Capital, HSBC Securities, ICICI Securities, and Batlivala & Karani Securities.
Travel Food Services IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Travel Food Services Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2022 | ₹441.66 | ₹429.78 | ₹5.03 |
| 2023 | ₹1,103.58 | ₹824.21 | ₹251.3 |
| 2024 | ₹1,462.29 | ₹1,146.72 | ₹298.02 |
| June 2024 | ₹425.20 | ₹354.55 | ₹59.55 |
Travel Food Services IPO Valuation – FY2024
Travel Food Services IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹21.85 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 36.14% |
| Net Asset Value (NAV): | ₹60.45 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Jubilant FoodWorks Limited | 6.06 | 114.69 | 18.40 | 32.90 | 5,654.09 Cr. |
| Devyani International Limited | 0.39 | 432.56 | 4.48 | 8.76 | 3,556.30 Cr. |
| Sapphire Foods India Limited | 8.30 | 213.46 | 3.94 | 210.41 | 2,594.28 Cr. |
| Westlife Foodworld Limited | 4.44 | 182.92 | 11.77 | 37.72 | 2,391.81 Cr. |
| Restaurant Brands Asia Limited | (4.40) | NA | (34.78) | 12.65 | 2,437.10 Cr. |
Objects of the Issue
- To be updated soon
IPO Lead Managers aka Merchant Bankers
- HSBC Securities and Capital Markets (India) Private Limited
- ICICI Securities Limited
- Kotak Mahindra Capital Company Limited
- Batlivala & Karani Securities India Private Limited
