Date 14 November 2009

Cox & Kings ( India ) Ltd

Company:	Cox & Kings ( India ) Ltd
Sector:	Tours & Travels Ltd
IPO Dates:	Opens on November 18 , 2009 - Closes on November 20, 2009
Price Band:	Rs.316 - 330 per share
Minimum shares:	20 shares per lot
Proposed Listing:	NSE and BSE

Cox and Kings ( India ), one of the recognised holiday brands that serves as a ‘One Stop Shop' for all travel and travel related products, has fixed the price band for its initial public offering (IPO) at Rs.316-330/share.

The company is coming out with an IPO of 18,496,640 equity shares of Rs.10 each for cash at a price to be decided through a 100% book-building process. The issue will open for subscription on November 18, 2009 and will close on November 20, 2009.

The issue comprises a fresh issue of 15,450,000 equity shares and an offer for sale of 3,046,640 equity shares by Lehman Brothers Opportunity Limited, Deutsche Securities Mauritius Limited and Merrill Lynch Capital Markets Espana, S. A., S. V. The issue comprises a net issue of 18,296,640 equity shares and a reservation of up to 2,00,000 equity shares for eligible employees. The issue would constitute 29.40% of the fully diluted post issue paid up capital of the company and the net issue will constitute 29.08% of the fully diluted post issue paid-up capital of the company. 

The company will raise more than Rs.610 cr from the issue, out of which it will get over Rs.509 cr and the rest will be given to shareholders.

CARE has assigned a 'CARE IPO GRADE 4' to the proposed IPO. CARE IPO Grade 4 indicates above average fundamentals.

The equity shares are proposed to be listed on Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.

The objects of the fresh issue are to provide funding for repayment of loans; acquisitions and other strategic initiatives; investment in overseas subsidiaries and investment in corporate office & upgrading our existing operations. 

Its business can be broadly categorised into Leisure Travel, Corporate Travel, Forex and Visa Processing. It provides end to end travel solutions including land, air and cruise bookings, hotel bookings, in-transit arrangements, local sightseeing, visa, passport and medical insurance assistance and such other destination management services. It also provides value added services viz., customising travel plans for  NRI customers, travel arrangements for Trade Fairs, providing private air charter services, etc. Besides, it offers travel related foreign exchange & payment solutions. In fact, it is one of the first travel companies in India to be granted a license as an Authorized Dealer - Category II under the new licensing regime.

In India , the Company has 255 points of presence covering 164 locations through a mix of branch sales offices, franchised sales shops, General Sales Agents (GSAs) and Preferred Sales Agents (PSAs).

India Infoline Limited is the sole book running lead manager to the issue and Karvy Computershare is the registrar.

We are Neutral on this IPO.

Members:

Members are requested to click here to place order via email for applying under power of attorney assigned to us.

Non members

Non-Members, please send your consent as soon as possible for application. So if time permits we can send you the application form for further process.

In future to avoid such rush please enroll to our PMS membership scheme For further details visit our website www.mideastportfolio.com

 

Thanks & Regards

PMS Department