JSA advised Kapur Family Trust, the promoter selling shareholder, on the initial public offering (IPO) of Travel Food Services Limited (TFS). The IPO was undertaken through an offer for sale aggregating ₹ 20,000 million (approximately USD 232 million) by the promoter selling shareholder.
TFS, a leading player in the fast-growing Indian airport travel quick service restaurant and lounge sectors, was successfully listed on July 14, 2025.
The transaction was led by Madhurima Mukherjee Saha, Partner, with support from the Equity Capital Markets team, including Shivali Singh, Partner, and Anshuman Singh, Associate.
Madhurima Mukherjee is a Partner at JSA and Head of the Capital Markets practice, with over 20 years of experience advising on India's most significant domestic and international securities offerings. Recognised as one of India's leading capital markets lawyers, she has advised on landmark IPOs, QIPs, rights issues, REITs, InVITs, block trades and strategic capital-raising transactions for top corporates, financial institutions, investors and government entities.