Travel Food Services IPO Day 2: Why is Response so Lukewarm

With a ₹2,000 crore OFS and strong expansion plans, Travel Food Services IPO sees lukewarm subscriptions on Day 2 but draws ‘Subscribe’ ratings from top brokerages amid steady grey market premium.

Mumbai, July 8, 2025 — The Travel Food Services (TFS) IPO, which opened on July 7 and will close on July 9, 2025, is witnessing a modest response from investors on its second day of bidding. According to the latest data, the public issue has been subscribed 0.15 times, with the retail portion at 0.20x, NII segment at 0.13x, and QIBs at 0.07x.

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Despite the subdued demand so far, the IPO has generated buzz in the grey market. Shares of Travel Food Services Ltd are commanding a ₹30 premium, signaling some investor optimism ahead of its listing on BSE and NSE.

The company aims to raise ₹2,000 crore entirely through an offer-for-sale (OFS). Priced in the range of ₹1,045–₹1,100 per share, the lot size has been set at 13 shares per lot. The likely listing date is July 14, 2025, and MUFG Intime (Link Intime) is the registrar of the issue.

Also Read: BSE share price Today 8 july

📊 Key Financials & Business Overview:

According to Ventura Securities, TFS posted impressive financials in FY25:

• Revenue grew 20.9% to ₹1,762.71 crore.
• EBITDA surged 34% to ₹676.35 crore.
• PAT increased 27.3% to ₹379.66 crore.
• TFS operates debt-free and is expanding into Malaysia, Hong Kong, Asia-Pacific, and the Middle East, in partnership with UK-based SSP Group.

TFS is also eyeing expressway QSR (Quick Service Restaurant) segments to strengthen its domestic presence.

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Brokerage firms remain upbeat:

• Ventura recommends ‘Subscribe’, citing strong financial performance and international growth outlook.
• BP Equities values the IPO at P/E 39.9x (FY25 earnings)—noting it’s attractively priced compared to other listed QSR peers.

🔍 Should You Apply?

The current subscription trend may appear slow, but strong fundamentals, strategic expansions, and a solid global footprint make Travel Food Services a promising long-term bet, especially for investors looking at the booming food services and QSR industry.

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