Travel Food Services Ltd IPO: A Taste of Success in the Making?
The IPO of Travel Food Services Ltd was subscribed 25% on the second bidding day. The company raised Rs 600 crore from anchor investors, with all proceeds from the Rs 2,000 crore offer going to the selling shareholder, Kapur Family Trust.
- Country:
- India
The initial public offering (IPO) of Travel Food Services Ltd has garnered 25% subscription by the second day of bidding. Data released by the NSE shows bids were received for 33,02,858 shares out of the 1,34,12,842 shares available.
Retail Individual Investors (RIIs) took up 28% of the quota, while non-institutional investors contributed 24% and Qualified Institutional Buyers (QIBs) secured 18% subscription. The company, which runs fast-food outlets and lounges at airports in India and Malaysia, earlier secured Rs 600 crore from anchor investors.
Entirely an offer for sale (OFS) worth Rs 2,000 crore, the IPO does not provide funds to Travel Food Services but benefits the Kapur Family Trust. Prominent backers include the SSP Group and several Kapur family members. Advisors include leading financial firms like Kotak Mahindra, HSBC, and ICICI Securities.
(With inputs from agencies.)
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