“Cox & Kings IPO note: India Infoline - Moneycontrol.com” |
| Cox & Kings IPO note: India Infoline - Moneycontrol.com Posted: 14 Nov 2009 12:45 AM PST India Infoline has come out with its IPO note on Cox & Kings.Cox and Kings (India), one of the recognised holiday brands that serves as a One Stop Shop for all travel and travel related products, has fixed the price band for its initial public offering (IPO) at Rs 316-330/share. The company is coming out with an IPO of 18,496,640 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will open for subscription on November 18, 2009 and will close on November 20, 2009. India Infoline IPO note on Cox & Kings: Cox & Kings (India) is amongst the oldest travel brands in the country offering travel (both leisure & business), forex and visa processing services. Globally, the C&K brand has evolved through a 250-year history and is present in 20 countries (including India). Outbound leisure travel is the largest contributor to C&K (India)s total business. Indias tourism industry accounts for 6% of GDP, much below world average. This provides C&K with a vast opportunity to tap the domestic outbound and inbound tourism markets. Ex-India revenue share has risen to ~47% in FY09 from less than 10% two years ago. C&K reported stable OPM of ~41% in the past three years while pre-exceptional PAT witnessed 80% CAGR over the same period. An established brand in travel & tourism Cox & Kings brand has evolved over a 250-year history and is amongst the most recognized holiday brands, catering to travel needs of Indian and international traveler. As an affirmation of this point, Cox & Kings has recently been Rated No 1 as Top Brands in India in Asia Pacific 1000 Brands (2008) by Media Magazine & TNS India tourism offers vast potential In India, tourism as a percentage of GDP accounted for just 6% in 2008, as compared to about 9% for the world. Thus the domestic and inbound market offers a vast scope for all the operators to expand revenues. India outbound market grew 14% to about 8mn in 2007 driven by higher disposable income, affordable holiday options and low cost carriers. Pre-exceptional PAT CAGR of 80% over FY06-09 C&K reported revenue CAGR of 65.5% over FY06-09 period while OPM was in the 40%-42% range over the same period. A rise in FY09 borrowings led to surge in interest cost in the previous fiscal; even so pre-exceptional PAT witnessed 80% CAGR over FY06-09. CARE Ratings has rated the issue IPO Grade 4 This content has passed through fivefilters.org. |
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