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The initial public offering (IPO) of Travel Food Services has received 25 per cent subscription on Tuesday, the second day of the bidding process. According to data from the Bombay Stock Exchange (BSE), the IPO received bids for 33,03,898 shares against 1,34,12,842 shares.

The retail individual investors (RIIs) segment was subscribed 28 per cent, while the qualified institutional buyers (QIBs) portion saw 18 per cent subscription.

The non-institutional investors (NIIs) category was subscribed 24 per cent. The quota reserved for employee witnessed the highest subscription of 73 per cent.

On Monday (July 7), the first day of bidding process, IPO subscribed 10 per cent on offer.

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Ahead of the IPO launch, the company raised almost Rs 600 crore from anchor investors on Friday.

The IPO is a pure offer for sale (OFS), valued at Rs 2,000 crore, entirely by the Kapur Family Trust, the promoter. It means that the company will not receive any proceeds from the issue, and all funds will go to the selling shareholder.

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The book running lead managers of the issue are Kotak Mahindra Capital, HSBC Securities and Capital Markets India, ICICI Securities, and Batlivala & Karani Securities India, while MUFG Intime India (Link Intime) has appointed as registrar.

Founded in 2009, Travel Food Services operates quick-service restaurants and lounges in airports across India and Malaysia. It is promoted by SSP Group plc and its affiliates, alongside Varun Kapur, Karan Kapur, and the Kapur Family Trust. Mumbai-headquartered company manages a wide range of food and beverage (F&B) brands, including fast food outlets, cafes, bakeries, bars, and food courts, primarily located in airport terminals and some highway locations.

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