(Reuters) -Shares of Indian airport restaurant and lounge operator Travel Food Services fell in their trading debut on Monday, securing a valuation of $1.67 billion, as uncertainties over trade negotiations with the U.S. weighed on sentiment.
The shares were trading 1% lower as of 10:23 a.m. IST.
They opened at 1,125 rupees on the National Stock Exchange, compared with offer price of 1,100 rupees.
Travel Food Services, a joint venture between UK-based SSP Group, and India’s K Hospitality Corp, runs restaurants such as Jamie Oliver’s Pizzeria, Krispy Kreme and KFC at 18 airports across India, Malaysia and Hong Kong, as well as 37 lounges.
Analysts say IPO demand is influenced by overall market sentiment.
India’s equity benchmarks, Nifty 50 and BSE Sensex eased on the day, as investors were on the edge due to uncertainty over a trade deal with the U.S. with disagreements over duties for auto components, steel and farm goods.
The Travel Food Services IPO was an offer for sale, with its largest shareholder, the Kapur Family Trust, offloading a stake worth 20 billion rupees, or 13.81%, at the top end of the price band.
($1 = 85.9400 Indian rupees)
(Reporting by Ananta Agarwal and Kashish Tandon in Bengaluru; Editing by Vijay Kishore and Eileen Soreng)
