Cox and Kings (India) launches IPO today

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Cox and Kings (India) launches IPO today

thecritic

18 November, 2009

0.0/5

COX AND KINGS (INIDA) the travel company has launched its IPO in India. The total equity shares are 18,496,640 at Rs.10 each today. The price band has been fixed at Rs.316 to Rs.330 per share and subscription would close on November 20, 2009. Cox and Kings has been showing consistent growth in the last four years. The total income rose from Rs.66 crore in 2006 to Rs.294 crore in 2009.

The Indian tourism industry accounts for 6% of the GDP. Though its very low compared to the world average, it provides huge opportunities in domestic outbound and inbound market.

The company is planning to raise Rs.610 crore. CARE has assigned a Grade 4 to the proposed Cox and Kings IPO. The equity shares are proposed to be listed on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) The objective of the issue is to provide funding for repayment loans, acquisitions and other strategic initiatives, upgrading existing operations and invest in overseas subsidiaries.