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Indian Airport's Travel Food Services's successful IPO
Travel Food Services just pulled off a $234 million IPO, making it the ninth-biggest in India this year.
The offer was subscribed 1.89 times, thanks mostly to big institutional investors.
Shares were priced between ₹1,045 and ₹1,100 each.
Major shareholder exit in this IPO
They run over 442 food outlets and 37 airport lounges across India, Malaysia, and Hong Kong—so if you've grabbed a bite at an airport recently, there's a good chance it was theirs.
This IPO was mainly existing shareholders cashing out; retail investor interest was low compared to institutions.
Company well-positioned for growth
With air travel booming in India, Travel Food Services is in a sweet spot for growth.
Industry reports expect airport dining and lounge services to expand quickly—so the company could see even bigger things ahead.