2nd Jul 2025 09:30
(Alliance News) - SSP Group PLC on Wednesday provided details regarding the anticipated initial public offering of Mumbai-based Travel Food Services Ltd on the Indian Stock Exchange.
SSP, a London-headquartered operator of food outlets at travel locations and owner of Upper Crust brand, 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.
The IPO is expected to take place on July 14.
K Hospitality expects a market capitalisation of between INR137.6 billion and INR144.8 billion, around GBP1.17 billion to GBP1.23 billion. The anticipated market capitalisation is based on the price band of the TFS IPO being set between INR1,045 and INR1,100.
SSP reiterated that it will soon buy additional shares in TFS for around GBP12.5 million, after which it will hold a 50.01% stake in TFS's issued share capital.
SSP highlighted that it intends that its Deputy Chief Executive Officer Jonathan Davies, and its Chief Executive Officer for Asia Pacific Jonathan Robinson, will join the board of TFS in due course.
SSP said: "India is a strategically important market for SSP and we will continue to support TFS to build on its market-leading position and capitalise on the opportunities in this fast-growing travel market."
SSP shares jumped 8.1% to 187.80 pence each on Wednesday morning in London, giving it a market capitalisation of GBP1.51 billion.
By Tom Budszus, Alliance News slot editor
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