SSP's PS1.24 billion Travel Food Services to debut in India on Monday
SSP Group PLC on Thursday said Travel Food Services will go public in Mumbai on Monday next week.
The London-based firm operates food and beverage outlets such as Upper Crust at transport hubs. SSP partnered with Mumbai-based K Hospitality Corp to launch its subsidiary TFS on the Indian market.
The IPO was open for public bidding from Monday to Wednesday. As of Thursday, the partners have filed a prospectus with Indian regulators, and expect TFS to list on Monday next week.
SSP confirmed that 5.3 million TFS shares are offered to anchor investors at ₹1,100 each - about 940 pence - the top end of a ‘previously indicated IPO price band’. Following the debut on Monday, SSP will hold a marginal majority of TFS with a 50.01% stake.
The 940p price tag suggests a market capitalisation upon listing of ₹144.8 billion, or £1.24 billion.
SSP shares were up 0.4% at 186.20 pence on Thursday morning in London for a market capitalisation of £1.49 billion.
News of the IPO has been circulating since last December, when SSP said it was aiming for TFS to list in spring. It was only in late April that the proposal was cleared ‘in principle’ by Indian authorities.
Earlier in July, SSP said Deputy Chief Executive Officer Jonathan Davies and Chief Executive Officer for Asia Pacific Jonathan Robinson will join the TFS board ‘in due course’.
Copyright 2025 Alliance News Ltd. All Rights Reserved.