India's ITC Hotels slips in trading debut, valued at $4.2 bln (updated)

ITC Hotels

29/01/2025 04:56

(Updates with valuation in first paragraph, context and
background from paragraph 4)
       Jan 29 (Reuters) - Shares of ITC Hotels  ITCT.NS  fell
in debut trade on Wednesday, following its spin-off from
consumer goods firm ITC  ITC.NS , valuing the luxury hotels
operator at 364.2 billion rupees ($4.21 billion).
    The stock listed at 175 rupees on the National Stock
Exchange, compared to a discovered price of 180 rupees 
determined during a pre-open trading session. It was last down
4% at 172.75 rupees.
    ITC  ITC.NS  had in July 2023 said it would spin off its
hotel business into a separately listed firm to focus on its
core cigarettes and food business.
    Shares of the parent firm, which owns a 40% stake in ITC
Hotels, were down 0.7%.
    ITC Hotels, with its luxury property offerings, is stepping
into the equity market at a time when rich Indians are splurging
on premium products ranging from watches to cars, apartments and
even bathrooms.
    It operates more than 140 properties across India, Nepal and
Sri Lanka, and offers premium amenities and services including
private swimming pools, spas, jacuzzis, and desert safaris to
tourists.
    India's luxury hotels market is expected to be valued at
$4.83 billion by 2030 from $2.99 billion in 2025, estimates from
market analytics firm Mordor Intelligence showed.


($1 = 86.5760 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H
K)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))