ITC Hotels shares made their market debut on January 29 at Rs 180 on NSE and Rs 188 on BSE, significantly lower than the estimated listing price of Rs 260-270 per share, reflecting a 30-31% discount. The listing follows ITC Ltd.’s decision to demerge its hotel business, with ITC shareholders receiving a 60% stake while ITC retained 40%. This move resulted in ITC Hotels having a market capitalization of Rs 37,461 crore at the time of listing.
Prior to the listing, a special trading session on January 6 determined ITC’s adjusted stock price at Rs 455 per share, reflecting a Rs 27 reduction after accounting for the value of the demerged hotel business. Analysts had expected ITC Hotels to trade in the Rs 150-175 range initially.
Despite the lower-than-expected listing price, foreign brokerage Jefferies has given a "Buy" rating for ITC Hotels, signaling confidence in its long-term growth potential. Investors are now evaluating whether to buy, sell, or hold the stock, considering its valuation, future expansion plans, and overall performance in the hospitality sector.
