Upper Crust Owner SSP Group Plans IPO of Indian Travel Food Services Joint Venture

Dow Jones

11 Dec 2024

By Ian Walker

Upper Crust owner SSP Group and its partner K Hospitality are planning to float their Indian joint venture Travel Food Services on the National Stock Exchange of India.

The London-listed food-and-beverage company--which operates in railways and airports--said late Tuesday that it expects to price the IPO and float TFS in India in spring, subject to regulatory approval.

SSP bought an initial stake in TFS in 2016 and currently holds 49%. It expects to buy extra shares in TFS from the Kapur Family Trust ahead of the IPO to take its shareholding to 50.01%. The Kapur Family Trust is the shareholding entity of K Hospitality.

"An IPO will support TFS as it continues to deliver its growth strategy whilst creating a structure to showcase the value of the business," SSP Chief Executive Patrick Coveney said.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

December 11, 2024 01:19 ET (06:19 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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