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The initial public offering (IPO) of Travel Food Services on Wednesday, the final day of the bidding process, has been oversubscribed 2.88 times.

According to the BSE data, the issue received bids for 3,86,27,017 shares, compared to the total offering of 1,34,12,842 shares.

Category-wise, the portion reserved for retail was subscribed 69 per cent, while the non-institutional investors (NIIs) segment subscribed 1.58 times. The allocation for the qualified institutional buyers (QIBs) saw the highest subscription of 7.70 times.

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The IPO received a 25 per cent subscription on Tuesday, the second day of the bidding process.

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

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 been 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. The 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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