ITC Hotels became the second most valuable hospitality company in India after the stock was listed on the bourses on Wednesday following the demerger from ITC Ltd.
The market cap of the company stood at ₹36,139 crore even as the scrip ended the day with a cut of 3.53 per cent from the listing price, closing at ₹173.65 apiece on the NSE.
The company, which operates hotels under brands such as ITC, Welcomhotel, Fortune, Storii and Mementos among others, will be only second, albeit distant, to Tata group hospitality major Indian Hotels Company Ltd (IHCL), which owns the Taj brand, in valuation.
At ₹1,10,622 crore, IHCL is the leader in market cap, ahead of ITC Hotels and EIH Ltd, which operates under the Oberoi brand and stands third in the pecking order with a market cap of ₹22,913 crore.
ITC Hotels will be the fourth listed hospitality company with registered office in Calcutta, after EIH, Apeejay Surrendra Park Hotels and Sinclairs.
ITC shareholders had received 10 shares of ITC Hotels for every 100 held in the company. ITC will continue to hold 40 per cent of ITC Hotels, while the remaining 60 per cent was distributed among the shareholders whose name appeared on the books of ITC Ltd on January 6, the day the demerger became effective.