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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 ₹137.6 billion and ₹144.8 billion, around £1.17 billion to £1.23 billion. The anticipated market capitalisation is based on the price band of the TFS IPO being set between ₹1,045 and ₹1,100. SSP reiterated that it will soon buy additional shares in TFS for around £12.5 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 £1.51 billion. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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