Travel Food Services makes muted debut, lists at 2% premium

Travel Food Services (TFS), the airport food and lounge operator, made its stock market debut today. Expectations were modest, and so was the listing. The stock opened around 2 per cent above its issue price of Rs 1,100, but soon slipped below that level in early trade. It’s not the kind of blockbuster entry investors cheer for. But it wasn’t a disaster either, just a cautious start for a company betting big on India’s booming air travel market. What’s going on with the stock? TFS launched its Rs 2,000 crore IPO earlier this month, entirely through an offer for sale. It got decent institutional interest, but retail participation was relatively muted. The IPO was priced at Rs 1,100 per share, and it listed today