Travel Food Services IPO shares to list today; check GMP before market debut

Travel Food Services, an Indian airport travel quick service restaurant (Travel QSR) operator, is set to make its stock market debut on a muted note on July 14. The company has been losing its ground in the unofficial market, signaled by its falling grey market prmeium.

Despite muted bidding and general market sentiments, the grey market premium (GMP) for Travel Food Services increased notably. As of the latest reports, the GMP stands between Rs 32-35 per share, suggesting a potential listing gain of approximately 3 per cent. Initially, when the IPO was announced, the GMP was around Rs 90.

The Mumbai-based company, incorporated in 2007, operates 397 Travel QSRs across India and Malaysia, featuring 117 partner and in-house brands.

The initial public offering (IPO) of Travel Food Services was open for bidding from July 07 to July 09. Priced between Rs 1,045-1,100 per share, the IPO was an offer-for-sale (OFS) of 1,81,81,818 equity shares, with a lot size of 13 shares, raising Rs 2,000 crore.

During its subscription period, the IPO attracted over 2.19 lakh applications, achieving an overall subscription rate of 2.88 times. The qualified-institutional bidders (QIBs) segment was subscribed 7.70 times, while non-institutional investors (NIIs) and employees subscribed 1.58 times and 1.72 times, respectively. However, the retail investors' portion was undersubscribed at 69 per cent.

Brokerage firms have recommended subscribing to the IPO, reflecting confidence in the company's market position. The lead managers for the issue include Kotak Mahindra Capital, HSBC Securities & Capital Markets, ICICI Securities, and B&K Securities, while MUFG Intime India is acting as the registrar.