Iconic Goa nightclub Tito's preparing for IPO at ₹1,000 crore valuation: Report

Tito's co-owner Ricardo D'Souza said the club is looking at a ₹1,000 crore valuation through its future small and medium enterprises (SME) IPO

Published on: Jan 30, 2025, 10:02:51 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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Tito's Resorts and Hospitalities, which runs the iconic Tito's club in Goa is planning to sell at least 10% stake at a $115.6 million valuation before exploring an Initial Public Offering (IPO), according to a report by news agency Reuters.

Ricardo D'Souza along with his brother David and their family owns Tito's which is a key attraction in Goa, the beach state that draws in millions of domestic and international tourists every year. (titosgoa.com)

This comes after co-owner Ricardo D'Souza said on Wednesday that the club is looking at a ₹1,000 crore valuation through its future small and medium enterprises (SME) IPO, according to the report.

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This accounts for the business, land and brand.

D'Souza along with his brother David and their family owns Tito's which is a key attraction in Goa, the beach state that draws in millions of domestic and international tourists every year.

He told Reuters that the firm is already in discussions with interested parties for the stake sale, but didn't dislose their names, nor share Tito's financials.

"Once it (the deal) comes in, the second part will be to possibly look at an IPO," the report quoted him as saying.

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SMEs are defined as companies with an annual turnover of between ₹5 crore and ₹250 crore. SME IPOs have soared in the last two years.

For instance, more than 159 SMEs collectively raised ₹5,700 crore through their IPOs in the financial year till October 15, compared to the previous year's record of ₹6,000 crore.

Tito's isn't however just restricted to India. The broader Tito's group, also has a presence in Thailand and the UAE and is now looking to expand into the real estate and software services sectors.

This comes at a time when Indian tourism is facing stiff competition from global destinations like Vietnam and Thailand.

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Thailand has also approved a draft law, legalising casinos and gambling. As a result, Tito's will also be aiming to set up casinos there, according to the report.

D'Souza even added that the group will consider entering the casino business in its home turf of Goa.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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