Cox and Kings India, a travel organization, has filed its DRHP with SEBI on 28/01/08 to enter the capital with an IPO of 8,700,000 equity shares of Rs 10 each, for cash, at a price to be determined through a 100% book-building process. The issue comprises of a net issue of 8,600,000 equity shares to the public and reservation of upto 1,00,000 equity shares to the employees of the company. Of the total equity float, at least 60% of the net issue shall be allotted on a proportionate basis to QIBs.. The issue would constitute 23.75% of the fully diluted post issue paid up capital of the company
The equity shares are proposed to be listed on BSE and NSE. The BRLM to the issue is Enam Securities.
From the proceeds of the issue, the company intends to allot Rs 117.31 crores for capital expenditures within India, towards operation of headquarters and corporate offices, upgradution of existing operations and setting up new shops; Rs 100 crores for acquisition; an investment of Rs 76.2 crores in overseas subsidiaries and branches and loan repayment of Rs 75 crore.
Cox and Kings, is a one-stop-shop for all travel related products. The company is engaged in the business of travel agents and tour operator for travel in India and abroad and provides travel ticketing, including e-ticketing and internet ticketing and also arranges for reservation in hotels, inns etc. It specializes in destination management, leisure travel, NRI holidays and trade fairs. The company has over 12 fully-owned offices in India, across cities such as New Delhi, Chennai, Bangalore, Kolkata, Cochin, Hyderabad, Pune, Goa, Nagpur and Jaipur. The company's worldwide offices are located in Germany Italy, Spain, South Africa, Sweden and Australia.
For the year ended March 31,2007, the company recorded an income of Rs 91.51 crores and net profit of Rs 21.57 crores as against Rs 65.74 crores and Rs 17.36 crore respectively for FY06. For 6 months ended September 30, 2007, the company posted an income of Rs 65.04 crore and a net profit of Rs 13.79 crore.