Shares of ITC Hotels Ltd, ITC Ltd's demerged hotel business, were listed at Rs 188 on the BSE and Rs 180 on the NSE. This was higher than the Rs 140-175 range anticipated by analysts earlier for the stock. At the time of listing on the BSE, the hotelier's market capitalization (m-cap) was Rs 39,126.02 crore.

ITC shares were trading 2.66 percent below their BSE listing price of Rs 183 as the session went on. ITC Hotels' stock was down 0.50 percent at Rs 179.10 on the NSE.

During a special pre-open session earlier this month, the ITC Hotels stock settled at Rs 260 on the NSE and Rs 270 (implied price) on the BSE. After three business days, ITC Hotels will no longer be included in any NSE or BSE indices. 

ITC Hotels plans to grow its portfolio to over 200 properties with over 18,000 keys by 2030, with an owned-to-managed ratio of 35:65. "We forecast a revenue/Ebitda/PBT CAGR of 15%/18%/17.2% from FY24 to FY27E, with an expected EBitda margin of 36.0% in FY26E and FY27E. This expansion is supported by a solid expansion strategy and positive trends in the hospitality industry. With a debt-free balance sheet and strong cash flow generation, ITC Hotels Ltd is well-positioned to capitalise on value-accretive M&A opportunities," DevenChoksey Research stated.

With revenue, EBITDA, and EBIT growing at compound annual growth rates (CAGRs) of 10%, 14.6%, and 18.0%, respectively, ITC Hotels has seen remarkable growth over the past ten years. The EBITDA margin was a robust 34.4% in FY24.

According to the broker, the demerger of ITC's hotel business unlocks value by allowing ITC to focus on its high-margin, cash-generating core segments, whereas the standalone hotels entity gains flexibility to capitalize on industry growth and attract strategic investors.