Spencers Retail and CESC Ventures, the demerged verticals of CESC Group, are listing on the exchanges on Friday.

These two companies are non-power businesses in the power generation and distribution major CESC.

The retail business, Spencers Retail, would house the Spencer’s and hyper store of the company and is expected to have a marketcap of Rs 2,500 crore, giving a per share value of Rs 300. FY18 revenue of the retail business was Rs 2100 crore and the street is ascribing a value of 1-1.2 times.

For the ventures business, the marketcap is expected at around Rs 1,800 crore, giving it a per share value of Rs 600. Here the dark horse could be the Too Yumm brand as the analyst have not factored in the full price of this. The management says it is running at a run rate of Rs 600 crore revenue per annum.