Cox and Kings zooms on debut

Settles at Rs 426.05 on BSE compared to IPO price of Rs 330

Cox and Kings (India) settled at Rs 426.05 on BSE, a 29.10% premium over the initial public offer price of Rs 330 per share.

The Cox and Kings (India) stock debuted at Rs 304.10 (also its day's low), a 7.84% discount over its initial public offer price of Rs 330 per share. Thereafter the stock recovered to strike an intra-day high of Rs 433.45.

The counter clocked high volume of 1.69 crore shares on BSE.

Cox and Kings (India) had priced its initial public offer (IPO) at the top end of the Rs 316 to Rs 330 price band. The IPO, which remained open between 18 and 20 November 2009, was subscribed 6.31 times.

The qualified institutional buyers portion was subscribed 9.93 times. The portion reserved for non-institutional investors was subscribed by 10.74 times and the retail individual investors' share was fully subscribed.

On 17 November 2009, the company raised Rs 90.55 crore through the issue of 27.44 lakh shares at Rs 330 per share to nine anchor investors.

Cox and Kings (India) is one of the recognised holiday brands that serves as a one stop shop for all travel and travel related products. The objective of the issue is to fund its acquisitions, repayment of loans and also to fuel other business expansion plans.

The company's net profit rose 19.1% to Rs 38.18 crore on 31.9% rise in sales to Rs 155.09 crore in the year ended March 2009 over the year ended March 2008.