Tour operator Cox & Kings (India) Ltd is planning to revive itself by going for an initial public offering (IPO), which is expected to raise $100 million.
Cox & Kings has already initiated the process for an IPO as the company has filed the preliminary draft red herring prospectus with market regulator Sebi. The company had also tried last year to go for an IPO, but the adverse market conditions had compelled it to drop the idea.
This year, with improving market situations as Indian companies has raised about Rs. 9,000 crore so far, Cox & Kings has returned with its IPO plan.
Cox & Kings will become the third renowned listed company in the travel segment if the IPO takes place.
Cox & Kings median sale of 18.49 million shares would consist of a fresh issue of 15.45 million shares and an offer for sale of 3.04 million shares by Lehman Brothers, Deutsche Securities Mauritius Ltd and Merrill Lynch Markets, which are its current market investors.
The company has offered two lakh equity shares for its employees.