JSA Advocates & Solicitors acted as legal counsel to Kapur Family Trust—the promoter holding and selling shareholder—on the IPO of Travel Food Services Limited (TFS).
Deal Overview
| Feature | Details |
|---|---|
| Company | Travel Food Services Limited (TFS) |
| Promoter Selling Shareholder | Kapur Family Trust |
| Instrument | Initial Public Offering – 100% Offer for Sale (OFS) |
| Issue Size | ₹2,000 crore (~USD 232 million) |
| IPO Dates | July 7–9, 2025 |
| Allotment Date | July 10, 2025 |
| Listing Date | July 14, 2025 |
| Price Band | ₹1,045–₹1,100 per share |
| Subscription | 2.88× overall – QIBs 7.70×, NIIs 1.58×, Retail 0.69× |
| Listing Premium | Opened at ~₹1,125–₹1,126 (2–2.4% premium) over issue price |
| Market Cap | ~USD 1.7 billion at upper band |
| Lead Managers | Kotak Mahindra Capital, HSBC, ICICI Securities, Batlivala & Karani |
Legal Advisory
JSA’s role included:
Structuring the OFS transaction
Drafting and negotiating sale and listing documents
Regulatory compliance and SEBI interfacing
Co-ordinating with stock exchanges for listing
Deal Team
The transaction was led by:
Madhurima Mukherjee Saha – Lead Partner
Shivali Singh – Partner
Anshuman Singh – Associate
Strategic Significance
Travel Food Services operates across India and select international airports, offering QSRs and airport lounges. Prior to listing, TFS managed approximately 397 outlets, including 335 in Indian airports, 30 in Malaysia, and 32 highway locations, plus 31 lounges across India, Malaysia, and Hong Kong.
The IPO capitalized on:
Rapid post-pandemic travel recovery in India, one of the world’s fastest-growing domestic aviation markets
Rising per-passenger discretionary spend in food, beverage, and lounges
26% airport lounge sector CAGR and 15% QSR growth (CRISIL)
This listing offered an exit for Kapur Family Trust and brought public visibility to India’s fastest-impact airport foodservices.
Listing Performance
Traded at a 2% premium at listing, opening at ₹1,126.20 on BSE and ₹1,125 on NSE
Intraday reached ~₹1,128.90 before easing, showing typical post-listing adjustment (~5% drop from peak)
Despite the launch premium, modest post-opening volatility reflects customer enthusiasm tempered by short-term market dynamics.
Why It Matters
Sector Appeal: Highlights growing appetite for specialized IPOs in airport retail and hospitality
Investor Confidence: Strong QIB demand (7.70×) underlines institutional interest despite cautious retail uptake
About the Company
Travel Food Services Limited (TFS), established in 2009, is a leading operator in the Travel QSR and airport lounge sectors. At FY24 end it had:
24% market share in India’s airport QSRs
45% share in airport lounges
Operates key food brands like KFC, Krispy Kreme, and multiple proprietary outlets
The company is a joint venture between SSP Group and K Hospitality, with the Kapur Family Trust as principal promoter.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
