no.869 Companies
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19-Nov-2009 11:41 - posted by Guest:
The initial public offer of travel and tourism company Cox & Kings India was subscribed 60 per cent on the first day of the issue today. The public offer received bids for over 94.88 lakh equity shares against total issue size of 1.57 crore equities, data available with the National Stock Exchange showed.
19-Nov-2009 12:15 - posted by Guest:
The company aims to raise up to Rs 610 crore through IPO. Cox
19-Nov-2009 12:15 - posted by Guest:
Non institutional investors were also seen interested in IPO and made bid for 22.79 lakh shares (0.83 times) against 27.44 lakh shares reserved for them. The company has already raised 90 crore by issuing 27.44 lakh equity shares to nine anchor investors at a price of Rs 330 a piece. Cox
19-Nov-2009 12:16 - posted by Guest:
Investment Advisor, SP Tulsian said the issue was recommended even at the upper band of Rs 330 per share. "Cox and Kings (India) has been showing a consistent growth in its topline and bottomline for over the last 5 years. Total income of Rs 66 crore in FY06, grew to Rs 294 crore in FY09, while PAT rose to Rs 62.81 crore in FY09 from Rs 17.38 crore in FY06. In the recent past, share of unorganized players are shifting to organized players like Cox and Kings, which is reflected in the growth of 23% achieved by the company, between FY04 to FY08 against CAGR of 15%, achieved by the industry, in the same period.""The company should be able to post a PAT of Rs 120 crore on total income of Rs 390 crore for the year ending March 10, which looks conservative, as PAT for the first quarter ending June 09 has already been placed at Rs 40.58 crore. This will result in an EPS of Rs 19 on fully diluted equity of Rs 62.92 crore. So, even taking the upper band of Rs 330 per share it is issued at a PE of about 18 times, leaving ample margin of safety. After a long time, we have come across a comforting IPO, which looks capable to give listing gain as well as much more, if held on with 12 months view. Issue is recommended even at the upper band of Rs 330 per share."
