India’s Leading Airport Lounge and Food Operator Is Launching Its IPO: What to Know

As air travel booms in India, companies tied to aviation services are heading to the stock market. As more people fly, investors are showing interest in the businesses behind the scenes.

Indian airport food and lounge operator Travel Food Services (TFS) is preparing to go public. The Mumbai-based company will open its INR 20 billion ($233.5 million) initial public offering on July 7. The offer will close on July 9, with shares expected to begin trading on July 14.

The IPO is a pure offer for sale, meaning the company won’t raise any new money. Existing promoter Kapur Family Trust will sell part of its stake. Travel Food Services will not receive proceeds from the listing as the IPO will not be issuing any new shares. Other promoters include SSP Asia Pacific Holdings, which also runs food outlets and lounges across airports.

TFS may not be a household name, but it is a familiar presence in India’s airports. If you’ve ever grabbed a quick meal in Mumbai or waited for a flight in a Bengaluru lounge, chances are, you’ve experienced one of its services.

The company runs food courts, quick-service restaurants, and airport lounges. As of March 31, it operated the largest network of food outlets at airports and highways in India, according to data from ratings agency CRISIL. Of its 4