Travel Food IPO Receives 15% Subscription Applications by Start of Day 2
By Ankur Chandra | Published at: Jul 8, 2025 12:29 PM IST
Mumbai, 8 July 2025: The initial public offering (IPO) of Travel Food Services Ltd., which opened for subscription on 7 July 2025, has been subscribed 0.15 times overall by 10:39 AM IST on Day 2 of the bidding process. While the response from institutional investors remains tepid, retail and employee categories have shown relatively stronger participation.
Employee Quota Crosses 50% Subscription Mark, Retail at 20%
As of Day 2, the retail investor portion has been subscribed 0.20 times, while employee bids have reached 0.51 times of the reserved quota. Qualified Institutional Buyers (QIBs) have subscribed just 0.07 times, and Non-Institutional Investors (NIIs) saw 0.12 times subscription. Within the NII category, the small bidder segment (< ₹10 lakh) outperformed large bidders, with 0.15x vs. 0.11x, respectively.
| Investor Category | Subscription (times) | Shares Offered | Shares Bid For | Total Amount (₹ Cr) |
| Anchor Investors | 1.00 | 54,43,635 | 54,43,635 | 598.80 |
| Qualified Institutions | 0.07 | 36,29,090 | 2,56,724 | 28.24 |
| Non-Institutional | 0.12 | 27,21,818 | 3,26,118 | 35.87 |
| • bNII (> ₹10L) | 0.11 | 18,14,545 | 1,91,789 | 21.10 |
| • sNII (< ₹10L) | 0.15 | 9,07,273 | 1,34,329 | 14.78 |
| Retail Investors | 0.20 | 63,50,909 | 12,52,043 | 137.73 |
| Employees | 0.51 | 40,382 | 20,787 | 2.29 |
| Total | 0.15 | 1,27,42,199 | 18,55,672 | 204.12 |
Total Applications Received (as of Day 2): 64,395
Day-Wise Bidding Pattern Reflects Steady, Cautious Interest
- 7 July 2025 (Day 1):
- Qualified Institutional Buyers (QIB): 0.07x
- Non-Institutional Investors (NII): 0.07x
- bNII (above ₹10L): 0.04x
- sNII (below ₹10L): 0.12x
- Retail Investors: 0.15x
- Employee Category: 0.39x
- Total Subscription: 0.11x
- 8 July 2025 (Day 2):
- Qualified Institutional Buyers (QIB): 0.07x
- Non-Institutional Investors (NII): 0.12x
- bNII (above ₹10L): 0.11x
- sNII (below ₹10L): 0.15x
- Retail Investors: 0.20x
- Employee Category: 0.51x
- Total Subscription: 0.15x
Category-wise Breakdown:
- Anchor Investors:
- Shares Offered: 54,43,635
- Amount: ₹598.80 crore
- Share of Issue: 29.93%
- Qualified Institutional Buyers (QIB):
- Shares Offered: 90,72,725
- Amount: ₹998.00 crore
- Share of Issue: 49.89%
Non-Institutional Investors (NII):
Total Shares: 27,21,818 (14.97%)
- bNII (above ₹10L):
- Shares: 18,14,545
- Amount: ₹199.60 crore
- Share of Issue: 9.98%
- sNII (below ₹10L):
- Shares: 9,07,273
- Amount: ₹99.80 crore
- Share of Issue: 4.99%
Retail Investors:
- Shares Offered: 63,50,909
- Amount: ₹698.60 crore
- Share of Issue: 34.92%
Employees:
- Shares Offered: 40,382
- Amount: ₹4.44 crore
- Share of Issue: 0.22%
Total Allocation:
- Shares: 1,81,85,834
- Total Issue Size: ₹2,000.44 crore
- 100% OFS-based IPO
Price Band, Lot Size and Listing Timeline
The Travel Food Services IPO is priced in the range of ₹1,045 to ₹1,100 per share, with a lot size of 13 shares. The minimum retail investment is ₹13,585. For sNII investors, the minimum application is 182 shares (14 lots), amounting to ₹2,00,200, while bNIIs can bid for 910 shares (70 lots). An employee discount of ₹104 per share is applicable on the reserved portion of 40,382 shares.
The issue opened on 7 July 2025 and will close on 9 July 2025, with allotment expected on 10 July and a tentative listing on 14 July 2025 at both the BSE and NSE. This bookbuilding IPO is entirely an Offer for Sale, with a face value of ₹1 per share, and does not involve the issuance of new shares.
Kotak Mahindra Capital Company Ltd is the lead manager, and MUFG Intime India Pvt Ltd (Link Intime) is the registrar. The post-issue shareholding will remain unchanged at 13,16,79,484 shares.
Outlook: Investor Participation Expected to Pick Up on Final Day
While the IPO has seen modest traction so far, analysts expect increased participation on the final day of bidding, especially from institutional investors. Given its strong presence in the travel retail food segment, the company’s public issue continues to attract cautious optimism.
Disclaimer: Data is provisional and subject to revision. Investors are advised to consult financial advisors before making any investment decisions.
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