SSP Indian joint venture opens IPO to public bidding

(Sharecast News) - Hospitality group SSP said public bidding has started for the IPO of its joint-owned Indian operations in a proposed stock market listing in Mumbai that could be worth up to £1.23bn. SSP, which operates convenience food stores and restaurants in travel gateways across 40 countries, plans to list the Travel Food Services joint venture with K Hospitality Corp on July 14.

It added that TFS had also finalised the allocation of 5,443,635 shares to Anchor Investors at an Anchor Investor Allocation Price of 1,100 Indian Rupees each, which is at the top of the previously indicated IPO price band of 1,045-1,100 Indian rupees per share, indicating an expected market capitalisation of INR137.6bn-144.8bn (£1.17bn-1.23bn).

The final IPO price will be determined through the book build process.

Reporting by Frank Prenesti for Sharecast.com