{"id":353582,"date":"2025-07-16T16:00:53","date_gmt":"2025-07-16T10:30:53","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=353582"},"modified":"2025-07-21T18:46:12","modified_gmt":"2025-07-21T13:16:12","slug":"shardul-amarchand-mangaldas-advises-travel-food-services-ipo","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/07\/16\/shardul-amarchand-mangaldas-advises-travel-food-services-ipo\/","title":{"rendered":"Shardul Amarchand Mangaldas advises Travel Food Services on USD 233 Million IPO"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">Shardul Amarchand Mangaldas &amp; Co. advised Travel Food Services Limited (\u201c<span class=\"Strong\">Issuer<\/span>\u201d) 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 \u2014 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.<\/p>\n<p style=\"margin-bottom: 3%;\">The Issuer is a market leader in India\u2019s fast-growing airport quick service restaurant (\u201cQSR\u201d) 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.<\/p>\n<p style=\"margin-bottom: 3%;\">Additional assistance was provided by Neha Sahgal, Senior Associate; Veronica Miranda, Associate; and Gayathri Krishnan, Associate.<\/p>\n<p style=\"margin-bottom: 3%;\">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.<\/p>\n<p>The transaction team was led by\u00a0Nikhil Naredi, Partner; Priya Awasthi, Counsel; Harsh Loonker, Principal Associate; Soundarya Mathavan, Associate; and Najeeb Din, Associate.<\/p>\n<p style=\"margin-bottom: 3%;\">Securities regulatory advisory team was led by Manjari Tyagi, Partner; Deepika Goyal, Principal Associate; Pankhuri Swarnim, Associate; and Roop Singh, Associate.<\/p>\n<p style=\"margin-bottom: 3%;\">The general corporate team was led by Abhishek Parekh, Partner; Natalee Nanda, Partner; Kanwardeep Kapany, Counsel; and Joanna Barretto, Senior Associate.<\/p>\n<p style=\"margin-bottom: 3%;\">The labour and employment team was led by Pooja Ramchandani, Partner and Kriti Kaushik, Partner.<\/p>\n<p style=\"margin-bottom: 3%;\">Latham &amp; Watkins LLP advised the issuer on the international legal aspects.<\/p>\n<p style=\"margin-bottom: 3%;\">Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited and Batlivala &amp; Karani Securities India Private Limited were the Book Running Lead Managers on the transaction.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Shardul Amarchand Mangaldas &#038; Co. advised Travel Food Services Limited (\u201cIssuer\u201d) on the initial public offering of its equity shares, through an offer for sale valued at approximately USD 233 million by Kapur Family Trust.<\/p>\n","protected":false},"author":67011,"featured_media":353587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[40943,85405,46156,81364,46701,85403,85404],"class_list":["post-353582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-capital-markets","tag-india-ipo-2025","tag-ipo","tag-legal-advisory","tag-shardul-amarchand-mangaldas","tag-travel-food-services","tag-usd-233-million"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Shardul Amarchand Mangaldas Advises Travel Food Services on $233 Million IPO | SCC Times<\/title>\n<meta name=\"description\" content=\"Shardul Amarchand Mangaldas provided legal counsel to Travel 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advises ideaForge Technology Limited on the Initial Public Offering of equity shares aggregating to \u20b9 567.24 crore","author":"Bhumika Indulia","date":"July 11, 2023","format":false,"excerpt":"10 July 2023| New Delhi: Shardul Amarchand Mangaldas advised ideaForge Technology Limited on the Initial Public Offering of 8,441,764 equity shares on the Indian Stock Exchange Market. This includes issuance of fresh 3,572,052 equity shares aggregating to \u20b9 2,400.00 million and an offer for sale of 4,869,712 equity shares aggregating\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"ideaforge technology limited","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ideaforge-technology-limited.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ideaforge-technology-limited.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ideaforge-technology-limited.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ideaforge-technology-limited.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":299655,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/19\/sam-advises-sbfc-finance-limited-on-its-initial-public-offering-aggregating-to-10250-million\/","url_meta":{"origin":353582,"position":1},"title":"SAM advises SBFC Finance Limited on its initial public offering aggregating to \u20b9 10,250 million","author":"Bhumika Indulia","date":"August 19, 2023","format":false,"excerpt":"Shardul Amarchand Mangaldas advises SBFC Finance Limited on its initial public offering by way of a fresh issue of 105,301,883 equity shares aggregating to \u20b9 6,000 million and an offer for sale by the promoter selling shareholders of 74,561,402 equity shares aggregating to \u20b9 4,250 million. The deal was valued\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"sam advises sbfc finance limited","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/sam-advises-sbfc-finance-limited.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/sam-advises-sbfc-finance-limited.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/sam-advises-sbfc-finance-limited.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/sam-advises-sbfc-finance-limited.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":288213,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/31\/shardul-amarchand-mangaldas-advises-indusind-bank-limited-in-granting-financial-assistance-to-duet-india-hotels\/","url_meta":{"origin":353582,"position":2},"title":"Shardul Amarchand Mangaldas advises IndusInd Bank Limited in granting financial assistance to Duet India Hotels","author":"Bhumika Indulia","date":"March 31, 2023","format":false,"excerpt":"29 March 2023 | New Delhi: Shardul Amarchand Mangaldas advised IndusInd Bank Limited (\u201cIndusInd\u201d) in granting financial assistance to Duet India Hotels (Pune) Private Limited, Duet India Hotels (Jaipur) Private Limited, Duet India Hotels (Ahmedabad) Private Limited, Duet India Hotels (Hyderabad) Private Limited, Duet India Hotels (Chennai) Private Limited and\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Shardul Amarchand Mangaldas","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-951.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-951.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-951.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-951.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":356383,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/12\/shardul-amarchand-mangaldas-advises-usd-457-million-ipo-nsdl\/","url_meta":{"origin":353582,"position":3},"title":"Shardul Amarchand Mangaldas advises the Book Running Lead Managers on USD 457 million IPO of National Securities Depository Limited","author":"Editor","date":"August 12, 2025","format":false,"excerpt":"The Issuer is the largest depository in India and a prominent market infrastructure institution, registered with the Securities and Exchange Board of India.","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Shardul Amarchand Mangaldas IPO advisory","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Shardul-Amarchand-Mangaldas-IPO-advisory.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Shardul-Amarchand-Mangaldas-IPO-advisory.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Shardul-Amarchand-Mangaldas-IPO-advisory.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Shardul-Amarchand-Mangaldas-IPO-advisory.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":297698,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/26\/shardul-amarchand-mangaldas-advises-utkarsh-small-finance-bank-limited-on-its-initial-public-offering\/","url_meta":{"origin":353582,"position":4},"title":"Shardul Amarchand Mangaldas advises Utkarsh Small Finance Bank Limited on its Initial Public Offering","author":"Bhumika Indulia","date":"July 26, 2023","format":false,"excerpt":"Shardul Amarchand Mangaldas & Co advised Utkarsh Small Finance Bank Limited on the Initial Public Offering of fresh issue of 200,000,000 equity on the Indian Stock Exchange Market. This deal has been undertaken for the purpose of utilizing the funds raised towards augmenting its Tier-1 capital base to meet its\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"utkarsh small finance bank limited","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/utkarsh-small-finance-bank-limited.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/utkarsh-small-finance-bank-limited.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/utkarsh-small-finance-bank-limited.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/utkarsh-small-finance-bank-limited.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":288124,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/29\/shardul-amarchand-mangaldas-advises-state-bank-of-india-in-granting-financial-assistance-to-torrent-power-limited-for-an-amount-aggregating-to-inr-1200-crore\/","url_meta":{"origin":353582,"position":5},"title":"Shardul Amarchand Mangaldas advises State Bank of India in granting financial assistance to Torrent Power Limited for an amount aggregating to INR 1200 Crore","author":"Bhumika Indulia","date":"March 29, 2023","format":false,"excerpt":"Shardul Amarchand Mangaldas & Co. advised State Bank of India in granting financial assistance by way of a rupee term loan facility to Torrent Power Limited. The assistance was availed by the Borrower for the purpose of capital expenditure related to upgradation, maintenance, and expansion mainly for its distribution franchise\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-917.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-917.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-917.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-917.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/353582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=353582"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/353582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/353587"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=353582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=353582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=353582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}