SSP prices TPS IPO at top-end of guided range

(Sharecast News) - SSP Group confirmed on Thursday that the initial public offering of its Indian joint venture, Travel Food Services (TFS), has been priced at the top end of its indicated range at INR 1,100 (944p) per share. The FTSE 250 travel catering specialist said the pricing gave TFS an expected market capitalisation of INR 144.8bn, equivalent to £1.24bn at current exchange rates.

Its announcement followed the opening of public bidding for the IPO earlier in the week.

TFS, which is operated in partnership with K Hospitality Corporation, had now filed its prospectus with the relevant Indian regulatory authorities.

The document was available via the websites of the National Stock Exchange of India, Bombay Stock Exchange, and the Securities and Exchange Board of India, as well as on TFS's investor site.

SSP said the listing and start of trading in TFS shares was scheduled to begin on 14 July.

It said the IPO represented a key milestone for SSP in one of its fastest-growing markets.

At 1139 BST, shares in SSP Group were up 0.86% at 187.05p.

Reporting by Josh White for Sharecast.com.