Widely read:
Adobe Stock
Day 1 was a bit of a snooze. But on Day 2, Travel Food Services’ IPO has started to see traction. The issue, which opened on Monday (July 7, 2025), picked up steam with total bids reaching 0.16x by late Tuesday morning. And despite the cautious optimism, the grey market is holding firm, with a Rs 16 premium over the upper price band of Rs 1,100.
So, should you board this flight or wait for the next one?
Where the numbers stand today
Here’s a look at how each investor category is responding:
| Investor category | Subscription (Day 2 so far) |
|---|---|
| Retail investors | 0.22× |
| Non-institutional | 0.14× |
| QIBs | 0.07× |
| Total | 0.16x |
While retail and HNIs are starting to show interest, QIB participation is still lukewarm. The final day will be key to see if institutional money comes in strong.
What the grey market is saying
The GMP is holding steady at Rs 16, implying a listing price around Rs 1,116 – about 1.5 per cent above the upper band. Not exactly a blockbuster premium, but better than flat. It suggests there's cautious interest, likely from short-term players looking for listing gains.
Quick recap: What TFS does
Travel Food Services is the country’s largest operator of food courts, lounges, and restaurants at airports. You’ve probably eaten at their outlets if you've flown through any major Indian airport. They're present in 14 airports, run 100+ brands (including in-house and franchises), and also operate lounges and highway pit stops.
Backed by UK-based SSP Group (which owns Upper Crust), TFS dominates India’s airport food space, holding over 26 per cent market share in QSR and 45 per cent in lounges.
The takeaway
Travel Food Services isn’t a flashy, fast-growing startup. It’s a mature, margin-rich business riding the post-COVID travel boom. If you’re chasing quick listing gains, the GMP suggests there’s something on the table. But if you’re thinking long term, you’ll want to wait and see how the business expands beyond airports—and whether growth keeps up with valuation.
Serious about wealth? So are we.
Join thousands of smart investors who rely on Value Research Stock Advisor for expert‑picked stocks, time‑tested strategies and long‑term discipline.
Stop guessing. Start growing. Check it out now: Value Research Stock Advisor.
Disclaimer: This is not a stock recommendation. This story was created with the assistance of artificial intelligence and has been reviewed by human experts for accuracy and is intended for informational purposes only. Please take it with a pinch of salt and do your own research or consult a financial advisor before making investment decisions.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
For grievances: [email protected]
Ask Value Research 
New episodes every Friday 
New Process Alert 
Seems like you've uploaded a wrong QR code. Please upload the QR code downloaded from MF Central platform.
