📝 Snapshot July 7, 2025 what happened today: Americans in Kabul received urgent instructions from the State Department to leave the country because of a military coup to the west in Iran, just as the U.S. was preparing to evacuate its allies from Afghanistan.
IPO Name: Travel Food Services Ltd (OFS only) Issue Size: ₹2,000 cores Price Band: ₹1,045–1,100 per share Listing Date: (proposed) July 14, 2025
Grey Market Premium (GMP) Gray market premium in a healthy ₹30-₹45.
Grey market premium of Kostak and Subject to Sauda as on September 29, 2021 – Click here Note: Grey Market Premium as on September 29 2021 at 10.05 PM this will change again by Missed Call in short term trading for few days Issue Details of Cartrade Tech DRHP is available on SEBI website. Company is with niche business. So it can give good premium on listing day. com. This is a moderate amount of listing optimism among retail traders.
Day1 Sub Growth Slowly, Glimmer of Hope at Day2
At 11AM: Subscribed 0.07× overall; retail at 0.09×, NII 0.03×, QIB 0.07× Later updates suggest ~2–5% overall subscription, competing for 8% retail appetite Modest opening interest is the norm; ₹599-600cr anchor book (at ₹1,100/share) already filled.
Strong Fundamentals Underpin Investor Sentiment
FY25e Highlights: Revenue ₹1,688–1,762 crore (growth 21–20.9%) EBITDA ₹676 crore (up 34% YoY) PAT ₹380 crore (up 27%) Zero debt; high-margin airport QSR and lounge offerings bring stability.
Market Positioning & Valuation
Has a 26% airport QSR and 45% lounge market share in India Price band indicates a P/E of ~39.9x FY25 EPS—similar to a mild discount to listed QSR peers Brand Profile The company’s brand portfolio includes KFC, Pizza Hut, Subway, Jamie Oliver as well as its in-house brands such as Dilly Street and Caféccino.
Brokerage Calls: Positive with Pause
Ventura Securities: Subscribe (Tagging to high-growth, Zero deb, healthy EBITDA and PAT in 1H CY2021) BP Equities, SBI Securities, Canada Bank Securities, Arihant Capital Markets Subscribe—moat, margins, subscriber facing growth levers, discount valuations etc
Risks: Concentrated revenue (5 largest airports), dependence on passenger traffic, high valuation
✅ Should You Apply?
Yes, if you: Want listing gains (GMP points to ~3–4% expected uplift) Feel in long-term Indian aviation growth Are comfortable with high P/E, concentrated operations Maybe wait if you: Prefer waiting for post-listing clarity Are weary over valuation and sector dependency risks
📌 Final Take
Travel Food Services IPO Day1: financials and broking reports induce confidence, but subscription is mere at start. The ₹30–45 GMP indicates tepid interest. If you’re bullish on airport retail and growth but you’re alright with high P/E, then this IPO is worth looking at — particularly for retail / allocation gains. For those who want to play it safe, you might hold off until after the listing or see how it performs in the public market.
