K Hospitality planning Rs 2,500-3,000 crore IPO
food services group K Hospitality Corp plans to list the business on Indian stock exchanges with a Rs 2,500-3,000 crore initial public offering, said people aware of the development.
The operator of restaurants and cafes, food courts, and airports stores with brands such as Copper Chimney, Bombay Brasserie, Cafeccino, and The Irish House has hired Kotak Mahindra Capital and ICICI Securities to manage the IPO process, they said.
The IPO is expected to be made early next year and value the more than 50-year-old company at Rs8,000-10,000 crore, said the people.
K Hospitality owns and operates more than 50 brands through 500 outlets. Started in 1972 by JK Kapur, it is currently run by his grandsons Karan and Varun Kapur.
Queries emailed to Karan and Varun Kapur remained unanswered at press time Monday. Gaurav Dewan, the chief operating officer and business head of TFS, declined to comment.
K Hospitality's major vertical, Travel Food Services (TFS), is India's largest F&B operator in the travel retail segment and manages 13 airport lounges in India. It also operates outlets on the NH58 Delhi-Haridwar highway.
“The listing plans add to a series of consumer-facing companies looking to tap the market, at a time when multiple global players are looking at India for growth when their home markets are maturing. Travel food retail is also seeing year-on-year growth of over 25-30%,” said an executive at a food services chain.
SSP Group Plc, an operator of food and beverage outlets in travel locations worldwide, has a 49%
