Shardul Amarchand Mangaldas & Co. advised Travel Food Services Limited (“Issuer”) on the initial public offering of its equity shares, through an offer for sale valued at approximately USD 233 million by Kapur Family Trust (promoter selling shareholder that is part of the larger flagship brand — K Hospitality Group). The equity shares of the Issuer were listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited on July 14, 2025.
The Issuer is a market leader in India’s fast-growing airport quick service restaurant (“QSR”) and lounge segments. It operates the largest network of travel QSR outlets and private airport lounges across the country. The company is also backed by SSP Group plc, a UK-headquartered travel food and beverage operator, acting through its wholly-owned step-down subsidiaries. As part of the pre-IPO restructuring, a secondary transfer of shares was undertaken by Kapur Family Trust in favour of the SSP Group to enable group-level financial consolidation.
Additional assistance was provided by Neha Sahgal, Senior Associate; Veronica Miranda, Associate; and Gayathri Krishnan, Associate.
In the run-up to the IPO, we also advised on a range of restructuring, regulatory and corporate matters. These aspects were supported by teams across the firm, including our regulatory advisory, general corporate, and labour and employment practices.
The transaction team was led by Nikhil Naredi, Partner; Priya Awasthi, Counsel; Harsh Loonker, Principal Associate; Soundarya Mathavan, Associate; and Najeeb Din, Associate.
Securities regulatory advisory team was led by Manjari Tyagi, Partner; Deepika Goyal, Principal Associate; Pankhuri Swarnim, Associate; and Roop Singh, Associate.
The general corporate team was led by Abhishek Parekh, Partner; Natalee Nanda, Partner; Kanwardeep Kapany, Counsel; and Joanna Barretto, Senior Associate.
The labour and employment team was led by Pooja Ramchandani, Partner and Kriti Kaushik, Partner.
Latham & Watkins LLP advised the issuer on the international legal aspects.
Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited and Batlivala & Karani Securities India Private Limited were the Book Running Lead Managers on the transaction.
