Travel Food Services IPO subscribed 25% on Day 2 of offer

New Delhi: The initial public offer of Travel Food Services Ltd got subscribed 25 per cent on the second day of bidding on Tuesday.

The initial public offering (IPO) received bids for 33,02,858 shares against 1,34,12,842 shares on offer, according to data available with the NSE.

The quota for Retail Individual Investors (RIIs) attracted 28 per cent subscription, while the non-institutional investor part got subscribed 24 per cent. The Qualified Institutional Buyers (QIBs) portion received 18 per cent subscription.

Travel Food Services, operating a travel quick-service restaurant and a lounge business across airports in India and Malaysia, on Friday raised nearly Rs 600 crore from anchor investors.

The IPO, with a price band of Rs 1,045-1,100 per share, will conclude on Wednesday.

The IPO is entirely an offer for sale (OFS) of shares worth Rs 2,000 crore by promoter Kapur Family Trust.

Since the IPO is entirely an OFS, the company will not receive any funds from the issue, and the proceeds will go to the selling shareholder.

Travel Food Services launched its first travel quick-service restaurant (QSR) outlet in 2009. It is promoted by SSP Group plc (SSP) and its affiliates SSP Group Holdings Ltd, SSP Financing Ltd, SSP Asia Pacific Holdings Ltd, along with the Kapur Family Trust, Varun Kapur and Karan Kapur.

Headquartered in Mumbai, Travel Food Services' portfolio features a diverse selection of food and beverage (F&B) concepts, including fast food, cafes, bakeries, food courts and bars, primarily located in airports and some highway locations.

Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities and Batlivala & Karani Securities India are the book-running lead managers to the issue.

The equity shares are proposed to be listed on the NSE and BSE.