Linklaters advises on Travel Food Services Limited’s IPO in India

Linklaters advised the book running lead managers on the INR 20bn (approximately US$240m) initial public offering (IPO) of equity shares by Travel Food Services Limited (TFS), a market leader in India’s fast-growing airport quick service restaurant (QSR) and lounge segments. TFS operates the largest network of travel QSR outlets and private airport lounges across India, and offers a diverse portfolio of international, regional, and in-house brands, with operations globally.

The IPO received strong interest from both domestic and international institutional investors, reflecting the growth potential of India’s burgeoning travel and hospitality sector. The market response highlights investor confidence in TFS’s established market position and its strategy to expand quality food and beverage offerings across Indian airports and travel hubs.

The Linklaters team was led by partner and head of India practice Amit Singh, with support from counsel Joseph Wolpin, and associates Rushil Oberoi and Jayati Arora.

Linklaters’ head of India practice Amit Singh commented: 

We are pleased to have advised on the Travel Food Services IPO, which marks an important milestone for the company and reflects investor confidence in India’s fast-growing travel and hospitality sector. Congratulations to all parties involved and look forward to supporting future growth and innovation across India’s dynamic capital markets.

Linklaters has an established track record as the leading Indian capital markets practice. The team has advised on numerous high-profile equity offerings across diverse sectors, such as the recent landmark qualified institutional placement (QIP) of shares by State Bank of India – the largest QIP to date in the Indian equity capital markets – and the IPO for Sai Life Sciences.