Luxury food services major Foodlink F&B Holdings (India) has filed its IPO papers with the Securities and Exchange Board of India (SEBI). With a fresh issue of shares aggregating up to INR 160 crore and an OFS of up to 11.95 million equity shares, the listing could potentially unlock significant value for early stakeholders and usher in a new public player in India’s burgeoning organised catering and hospitality sector.
Backed by Rekha Jhunjhunwala
In a strong vote of confidence, ace investor Rekha Jhunjhunwala has participated in a private placement round ahead of the IPO. According to disclosures, she acquired 1,37,741 equity shares at INR 363 apiece, investing approximately INR 4.99 crore on 16 April 2025. Her entry adds pedigree to the company’s investor roster and signals high-net-worth interest in the luxury food services space.
Promoter and Offer Structure
The company’s promoter, Sanjay Manohar Vazirani, a veteran in the F&B and luxury catering domain, is offering 9,50,000 equity shares in the OFS. Other notable sellers include institutional investors such as Arpit Khandelwal (3.56 million shares), V’Ocean Investments, Oaks Asset Management, and Welspun Group Master Trust, among others.
The IPO also includes a reservation for eligible employees, and may incorporate a pre-IPO placement of up to INR 32 crore.
Foodlink F&B IPO: Utilisation of Funds
The proceeds from the fresh issue are earmarked for:
- Setting up two new centralised kitchens in India – INR 40.89 crore.
- Investment in four new casual dining restaurants via UAE-based subsidiary FGRCS – INR 45.40 crore.
- Partial repayment/prepayment of borrowings – INR 28.45 crore.
- General corporate purposes.
A Leader in Luxury Catering
Founded as a spin-off from Foodlink Services (India), the company operates across three integrated verticals:
- Events Catering (luxury weddings, MICE, sports, and social gatherings),
- Casual Dining Restaurants & Cloud Kitchens, and
- Banquets and Integrated F&B Services.
Foodlink’s clientele includes film celebrities, cricketers’ families, corporates like Zee Entertainment and Greenply, and government institutions. Its global footprint includes operations and events across UAE, Switzerland, France, Spain, Italy, Egypt, the Maldives, and others.
As of the DRHP filing, Foodlink operates:
- 6 centralised kitchens,
- 30 casual dining outlets and cloud kitchens, and
- 3 banquet venues.
Foodlinks F&B IPO: Financial Performance Snapshot
| Particulars | FY 2022 | FY 2023 | FY 2024 | 9M FY 2025 |
|---|---|---|---|---|
| Revenue from Operations | 130.18 | 273.13 | 377.19 | 306.39 |
| Total Income | 131.05 | 275.82 | 380.17 | 307.91 |
| EBITDA | 4.72 | 35.50 | 30.63 | 42.87 |
| EBITDA Margin (%) | 3.63% | 13.00% | 8.12% | 13.99% |
| PAT | (22.20) | 2.73 | (15.35) | 7.40 |
| PAT Margin (%) | -16.94% | 0.99% | -4.04% | 2.40% |
| EPS (INR) | (4.68) | 0.43 | (3.10) | 1.49 |
Notably, the company swung back to profit in the latest 9-month period of FY25, aided by strong margins and growth in Events Catering and Banquets.
Segment Performance
| Business Segment | FY 2022 | FY 2023 | FY 2024 | 9M FY 2025 |
|---|---|---|---|---|
| Events Catering | 36.95% | 47.51% | 59.42% | 55.97% |
| Casual Dining & Cloud Kitchens | 49.79% | 36.67% | 28.49% | 23.52% |
| Banquets & Integrated F&B Services | 12.13% | 14.41% | 11.35% | 19.86% |
| India Revenue Share | 63.78% | 67.92% | 77.16% | 67.33% |
| Overseas Revenue Share | 36.22% | 32.08% | 22.84% | 32.67% |
Sector Outlook: India’s Catering Industry on a Growth Spree
As per Frost & Sullivan, India’s organised catering market is poised to grow at a 14% CAGR, from INR 1,20 lakh crore in FY24 to 2.03 lakh crore by FY28. The wedding segment — accounting for 70-80% of the catering industry — continues to be the biggest growth driver.
Foodlink, with its stronghold in luxury weddings and MICE events, is expected to benefit from this tailwind. The Indian foodservice sector overall is evolving rapidly, with cloud kitchens, casual dining, and premium catering expected to dominate organised formats.
Conclusion
Foodlink F&B DRHP filing marks a significant milestone for Foodlink as it looks to scale operations, expand in India and the UAE, and capitalise on the premiumization of Indian dining and event experiences. Backed by a marquee investor like Rekha Jhunjhunwala, a seasoned promoter, and a rising profit trajectory, the IPO may attract strong interest from institutional and retail investors alike.
As the Indian foodservice market shifts towards organised, high-quality players, Foodlink seems well-positioned to plate up growth and value in equal measure.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.