Cox and Kings IPO subscribed 6.31 times

Cox & Kings BSE | NSE 01/06/12 Are Mutual Funds betting on Cox & Kings?

The initial public offering (IPO) of Cox and Kings (India), a provider of all travel and travel related products, has received good response from investors. It subscribed 6.31 times, as per data available on the NSE website.

Investors	Times
Qualified institutional buyers	9.95
Non institutional investors	10.70
Retail individual investors	0.98
Employee Reservation	0.11
Total	6.31

Qualified and non-institutional investors supported the issue, with their reserved portion being subscribed 9.95 times and 10.7 times, respectively. However, there was a mild response from retail investors; their portion subscribed nearly 1%. (Also Read - what experts say about the issue )

The IPO was of 18,496,640 equity shares of Rs 10 each and a price band was at Rs 316-330/share.

On Tuesday, the company had allocated 27,44,480 equity shares to  anchor investors at Rs 330 per share. This allocation worth Rs 90-crore has been done to institutions like Reliance Mutual Fund, SBI Mutual Fund and Sundaram BNP Paribas Mutual Fund.

The company will raise more than Rs 610 crore from the issue, out of which it will get over Rs 509 crore 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.