COX & Kings IPO will offer 1.8 crore equity shares of Rs10 each..
After an 18-month delay, tour operating firm Cox and Kings (India) Ltd on Friday said it has filed its draft red herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India or Sebi, in preparation for an initial public offering (IPO) .
· The IPO will offer 1.8 crore equity shares of Rs10 each for cash at a price to be decided through a 100% book-building process
· The Mumbai-based travel and tour firm had planned to go public in January 2008 but shelved its plans due to market conditions at the time. The latest offering comprises of a fresh issue of 1.5 crore shares and an offer to sell 30.46 lakh shares by Lehman Brothers Opportunity Ltd, Deutsche Securities Mauritius Ltd and Merrill Lynch Capital Markets Espana S.A.
· Following the issue, the net equity will constitute 29.40% of the fully diluted, paid-up capital, while the new issue will be 29.08%. The shares are proposed to be listed on Bombay Stock Exchange and the National Stock Exchange.
· The scenario has now improved with Indian companies having raised over Rs 9,000 crore so far this year. Cox & Kings expects to raise $100 million through the IPO. It added that it was considering a pre-IPO placement. India Infoline is the sole book running lead manager to the issue.
· If the IPO materialises, Cox & Kings will be the third well-known listed company in the travel space. Interestingly, unlike travel industry’s sibling—hotels—not too many travel services are listed.
The other publicly quoted travel firms include Thomas Cook and International Travel House.
*To get the password for buy calls, please subscribe to this blog. You will receive the password in next email to you*If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment