ITC Hotels Lists On Stock Exchanges
ITC Hotels, the newly formed company following the demerger of the multinational conglomerate ITC Ltd hotel division, went public on stock exchanges on Wednesday. Over five years, the company intends to grow its portfolio to more than 200 hotels. ITC Hotels manages a portfolio of over 140 properties in over 90 locations, with over 13,000 keys.
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The new pure-play hospitality company said it will continue pursuing its asset-right strategy to expand its footprint across India and nearby markets.
“Debuting with a zero-debt balance sheet and a cash/cash equivalents of ₹1,500 crore to cater to planned growth and contingency requirements, ITCHL is now listed for trading on the stock exchanges,” ITC Hotels said.
In ITCHL, ITC Ltd. owns 40% of the company, and current shareholders receive the remaining 60%.
“This strategic share-holding structure positions ITCHL to deliver long-term value to all stakeholders while accelerating its independent growth trajectory,” ITC Hotels said.
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Speaking at the listing programme at the NSE, ITC Hotels Ltd Chairman Sanjiv Puri said, “Today is indeed a landmark moment in ITC’s journey. Listing of ITC Hotels marks not just a new chapter for the ITC Group’s hospitality business but a bold step forward in our commitment to creating enduring value for all stakeholders. As ITC Hotels embarks on this new journey, it is committed to achieving new global benchmarks in hospitality while staying rooted in its vision of sustainability and inclusivity”.
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ITC Hotels Ltd Managing Director Anil Chadha said, “We aim to be a global leader in Indian hospitality driven by our core ethos of customer centricity, high performance and steadfast commitment to sustainability.”
ITC Hotels Ltd’s portfolio includes six brands: Fortune in the midscale market, WelcomHeritage in the heritage leisure sector, Storii in the boutique premium experiential segment, Welcomhotel in the upper upscale market, and ITC Hotels and Mementos in the luxury market.
“Today, ITC Hotels operates a bouquet of over 140 properties with over 13,000 keys in over 90 locations. It plans to expand its portfolio to over 200 hotels with over 18,000 keys over the next five years, with approximately 2/3rds salience of managed properties,” it stated.
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As of December 31, 2024, it had opened 30 hotels in the last 24 months and set a lofty goal of opening an average of one hotel every month during the following 24 months.
The stock was listed at ₹188 on the BSE, while it began the trade at ₹180 on the NSE. Later, the stock declined 5 per cent to ₹178.60 on the BSE. At the NSE, it went lower by 3 per cent to ₹172. The firm’s market valuation stood at ₹39,126.02 crore.
January 6 was the record date for the January 1, 2025, demerger of ITC’s hotel operations. The relocation cut off ITC Hotels from the parent company.
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