Journey Meals Companies recordsdata draft papers with Sebi for Rs 2,000-cr IPO, ETCFO
Journey Meals Companies, working a journey quick-service restaurant and a lounge enterprise throughout airports in India and Malaysia, has filed draft papers with markets regulator Sebi to drift a Rs 2,000 crore preliminary public providing (IPO). The proposed IPO is solely an offer-for-sale (OFS) of shares price Rs 2,000 crore by promoter Kapur Household Belief.
The provide contains reservations for subscriptions by eligible workers, in keeping with the draft crimson herring prospectus (DRHP) filed on Tuesday.
For the reason that IPO is solely an OFS, the corporate won’t obtain any funds from the problem and the proceeds will go to the promoting shareholder.
Journey Meals Companies launched its first journey quick-service restaurant (QSR) outlet in 2009. It’s promoted by SSP Group plc (SSP) and its associates SSP Group Holdings Ltd, SSP Financing Ltd, SSP Asia Pacific Holdings Ltd together with the Kapur Household Belief, Varun Kapur and Karan Kapur.
SSP, an FTSE 250 firm listed on the London Inventory Change, is recognised as a world chief within the Journey Meals & Beverage (F&B) sector primarily based on income in 2024, as per the CRISIL report.
The Kapur Household Belief operates underneath the flagship model Ok Hospitality, which oversees and invests in a number of hospitality and meals service companies, together with Journey Meals Companies (collectively known as Ok Hospitality).
Headquartered in Mumbai, Journey Meals Companies’ portfolio encompasses a numerous collection of meals and beverage (F&B) ideas tailor-made for travellers, together with quick meals, cafes, bakeries, meals courts and bars, primarily positioned in airports and a few freeway areas to cater to the wants of fast-moving prospects.
The corporate’s presence spans 14 airports in India, together with main hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata and Chennai, in addition to three airports in Malaysia, as of June 30, 2024.
With a strong portfolio of 117 companion and in-house manufacturers, the corporate operates 397 Journey QSR shops throughout India and Malaysia, as of June 2024.
Its QSR shops are predominantly positioned inside airports, with choose areas alongside highways. It additionally operated 31 lounges in India and Malaysia as of the identical date and expanded internationally by opening a brand new lounge in Hong Kong in July this yr.
As of June 30, 2024, Journey Meals Companies boasts a various portfolio of companion manufacturers, comprising each worldwide and regional Indian manufacturers, alongside its in-house manufacturers.
The worldwide manufacturers embrace famend names resembling KFC, Pizza Hut, Wagamama, Espresso Bean & Tea Leaf, Jamie Oliver’s Pizzeria, Brioche Doree, Subway, and Krispy Kreme. The regional Indian manufacturers in its community function in style chains resembling Third Wave Espresso, Hatti Kaapi, Sangeetha, Bikanervala, Wow Momo, The Irish Home, JOSHH, Adyar Ananda Bhavan and Bombay Brasserie.
Moreover, Journey Meals Companies has developed its personal in-house manufacturers, together with CafA©ccino, Dilli Streat, idli.com and Curry Kitchen.
On the monetary entrance, income from operations surged by 31 per cent to Rs 1,396.32 crore in fiscal 2024 from Rs 1,067.15 crore in fiscal 2023.
Revenue after tax elevated by 18.6 per cent to Rs 298 crore in fiscal 2024 from Rs 251 crore in fiscal 2023.
For the three months ended June 30, 2024, income from operations stood at Rs 409.86 crore and revenue after tax stood at Rs 59.55 crore.
Kotak Mahindra Capital Firm, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities and Batlivala & Karani Securities India are the book-running lead managers to the problem.
The fairness shares are proposed to be listed on the Nationwide Inventory Change and BSE.
