7th Jul 2025 09:10
(Alliance News) - SSP Group PLC on Monday said the proposed initial public offering of an Indian joint-venture has kicked off.
The London-headquartered operator of food outlets at travel locations and owner of the Upper Crust brand said Travel Food Services has finalised the allocation of 5.3 million shares to anchor investors at INR1,100 each, around 940 pence, the top of a "previously indicated IPO price band".
"The final IPO price will be determined through the book build process," it added.
"The Anchor Investor list includes funds managed by large global and Indian investors such as ICICI Prudential, Abu Dhabi Investment Authority, Axis Asset Management, Fidelity, Government Pension Fund Global (Norges Bank), Kotak Mahindra Asset Management, amongst others." SSP on Wednesday said.
K Hospitality Corp, its joint venture partner in India, noted that TFS filed its Red Herring Prospectus with the Indian regulatory authorities regarding the proposed IPO.
K Hospitality expects a market capitalisation of between INR137.6 billion and INR144.8 billion, so up to around GBP1.24 billion.
SSP announced plans for the Indian IPO last December and had originally targetted a spring listing.
The IPO received 'in principle' clearance to proceed from SEBI, the Indian market regulator in late April.
Shares in SSP rose 1.2% to 188.73 pence each in London on Monday morning.
By Jeremy Cutler, Alliance News reporter
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