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ShareMumbai: The initial public offer of holiday-maker Cox & Kings India Ltd has been assigned an above average rating of "CARE IPO Grade 4" by CARE Ratings, a credit ratings agency.
CoX & Kings is a recognised holiday brand, which provides travel related products and needs for Indian and international travellers ranging from hotel bookings, land, air and cruise bookings, in-transit arrangements, visa, passport and medical insurance assistance and other services.
CARE assigns IPO grades on a scale of Grade 5 to Grade 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. The Grade 4 rating indicates above average fundamentals.
The company has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI to dilute 184.9-lakh equity shares of Rs10 each. The IPO comprises a fresh issue of 154.5-lakh shares while shareholders such as Lehman Brothers Opportunity Ltd, Deutsche Securities Mauritius Ltd and Merrill Lynch Capital Markets Espana, S A, S V will sell 30.4-lakh shares.
The issue would constitute 29.40 per cent of the fully diluted post-issue paid-up capital of the company while the net issue will constitute 29.08 per cent of the fully diluted post-issue paid-up capital of the company.
Cox & Kings has set aside reservation up to two lakh shares for eligible employees. The shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange. India Infoline Limited is the sole Book Running Lead Manager to the Issue.
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).
