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

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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) — 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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Hinduatan Times