Travel Food Services recently wrapped up its IPO allocation, sparking excitement around its stock market debut set for Monday, July 14. If you purchased shares, they’ll be credited to your demat account today, July 11. Those who didn’t receive shares will also receive refunds today.
The IPO was open for bids from July 7 to July 9. The response was strong, especially from Qualified Institutional Buyers (QIBs), who subscribed 7.7 times. Non-institutional investors (NIIs) came in at 1.58 times, while retail investors subscribed at 69%. By the end of the bidding period, total subscriptions reached a notable 2.88 times.
Travel Food Services plans to allocate at least 50% of its shares to QIBs, 15% to NIIs, and 35% to retail investors. The company operates quick-service restaurants and lounges at airports across India, managing 397 locations as of June 30, 2024, and offering a mix of popular food brands.
As for the IPO’s grey market performance, the current grey market premium (GMP) sits at ₹40. This suggests that shares may list at around ₹1,140, which is about 3.64% higher than the IPO price of ₹1,100. However, the GMP has fluctuated, showing a trend toward decline since it peaked at ₹92. . Experts emphasize that the grey market premium is a key indicator of investor enthusiasm.
It’s worth noting that Travel Food Services’ IPO was entirely an offer for sale (OFS) from the Kapur Family Trust, meaning the company won’t raise new funds from this issuance. The company first entered the travel quick-service restaurant market in 2009 and has since grown rapidly, thanks, in part, to backing from SSP Group and its affiliates.
As the IPO approaches its listing, many investors are watching closely to see how it performs in the stock market.
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