Upper Crust owner SSP Group said on Tuesday that it is planning an initial public offering in India of airport lounge operator Travel Food Services, its venture with K Hospitality Corp.
The company said that a draft red herring prospectus has been filed in connection to the proposed IPO with BSE Ltd and will soon be filed with the National Stock Exchange of India, with the pricing and completion of the IPO targeted for spring 2025.
The Kapur Family Trust, which is the shareholding entity of K Hospitality Corp, will be the selling shareholder in the planned IPO.
SSP said it has also nominated two directors for the TFS board.
SSP currently holds a 49% stake in TFS, which it purchased in 2016 for 57.9 million pounds ($73.81 million) and it expects to purchase additional shares, raising its indirect holding to 50.01% prior to the IPO.
