14th Jul 2025 09:51
(Alliance News) - SSP Group PLC on Monday said Travel Food Services Ltd, its joint venture with K Hospitality Corp, had been admitted to trading in Mumbai.
The London-based firm operates food and beverage outlets such as Upper Crust at transport hubs. SSP has a 50.01% stake in TFS, which is a subsidiary of Mumbai-based K Hospitality Corp.
The stock was open for public bidding from Monday to Wednesday last week. SSP on Thursday reported that 5.3 million TFS shares were offered to anchor investors at INR1,100 each, about 940 pence. The issue price was at the top end of a "previously indicated IPO price band", SSP noted, and suggested a market capitalisation of INR144.8 billion, or GBP1.24 billion, upon admission.
Following the listing on Monday, SSP Chief Executive Patrick Coveney commented: "We are pleased to see the successful IPO of TFS in India, which marks an important milestone for our joint venture.
"We believe that the market potential in India, combined with TFS's economic model and market leadership, provides a compelling opportunity to deliver growth and returns for the Group. We look forward to continuing to partner with K Hospitality to support TFS post-listing."
SSP shares were 0.2% lower at 172.76p on Monday morning in London.
By Holly Munks, Alliance News reporter
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