Cox & Kings India IPO Subscribed 6.3 Times-National Stock Exchange
Bids for the issue came across the INR316-INR330 indicative price band, the data showed. The share sale had begun Wednesday.
The issue of nearly 18.50 million shares, which includes an allotment of more than 2.74 million shares to anchor investors, received bids for nearly 99.13 million shares, the data showed.
The IPO consists of a fresh issue of 15.45 million shares and an offer for sale of nearly 3.05 million shares by Lehman Brothers Opportunity Ltd., Deutsche Securities Mauritius Ltd. and Merrill Lynch Capital Markets Espana, S.A.
"We estimate Cox & King's revenue and net profit to witness a compounded annual growth rate of 27.4% and 37.7% over the fiscal year ended March 31, 2009, to the fiscal year ended March 31, 2011, respectively," Mumbai-based Angel Broking said in a note.
"On the lower and upper end of the price band, the stock would quote at 16.5 times and 17.3 times its post-diluted earnings for the fiscal year ended March 31, 2011, respectively," the note added. The house has a "subscribe" call on the IPO.
Cox & Kings operates in the leisure travel, corporate travel, foreign exchange and visa processing segments.
It has 255 points of presence in India, covering 164 locations through a mix of branch sales offices, franchised sales shops, general sales agents and preferred sales agents.
It has operations in 19 countries besides India through subsidiaries, branch offices and representative offices.
The company intends to use the issue proceeds for repaying loans, strategic initiatives, investment and other general corporate purposes.
-By John Satish Kumar, Dow Jones Newswires; +91-22-22884212; john.kumar@dowjones.com
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Publié le 20 novembre 2009 Copyright © 2009 Dowjones
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