SSP plans IPO in India of Travel Food Services Limited

Travel caterer SSP Group has announced the planned initial public offering (IPO) of Travel Food Services Limited in India, in conjunction with its joint venture partner, K Hospitality Corp.

Subject to regulatory approvals, the pricing and completion of the IPO is targeted to be in spring 2025.

It comes as a Draft Red Herring Prospectus – the first public document in the Indian listing process – of TFS Limited in connection with the proposed IPO was filed earlier this week (10 December) with the BSE Ltd and will shortly be filed with India’s National Stock Exchange. 

SSP and K Hospitality Corp have built a very strong partnership since the creation of the TFS joint venture, saying that they both “remain fully committed to the long-term success of TFS”.

SSP acquired an initial stake in TFS in 2016 and currently holds 49% of TFS (which it consolidates) for which it paid approximately £57.9m.

Patrick Coveney, CEO of SSP Group, said: “India is an attractive and strategically important market for SSP, aligned to our prioritisation of high growth geographies with the greatest long-term returns opportunities. Since 2016, through our joint venture partnership with K Hospitality Corp for Travel Food Services, we have built a successful Indian platform.

“The planned IPO would ensure that SSP controls and consolidates TFS, in line with our strategy for the market. We believe that the market potential in India combined with TFS’ economic model and market leadership provides a compelling opportunity to deliver growth and returns for the group.”

Varun Kapur, managing director and CEO of TFS Limited, added: “Since 2016, we have benefited from SSP’s global Travel QSR expertise and best practices, alongside long-standing relationships with an extensive range of international brands and bespoke concepts. 

“We look forward to growing our close partnership with SSP as we embark on this significant milestone for our joint venture.”