Cox and Kings lists at Rs 343.20; gains 16% in early trade

Cox and Kings (India) listed at Rs 343.20 on the NSE today, at a premium of 4% to its issue price of Rs 330. The share gained momentum and at 9.56, it was trading at Rs 382.60, at a premium of 15.94% to its issue price.

The share touched an intraday high of Rs 383.20 and an intraday low of Rs 343.20. The total traded quantity was 10,22,830 shares.

On the BSE, the share opened at Rs 304.10, below its issue price. It touched an intraday high of Rs 399 and intraday low of Rs 304.10.

The initial public offering (IPO) of 18,496,640 equity shares had received good response from investors, especially qualified & non-institutional investors and was subscribed 6.31 times.

The company collected over Rs 610 crore from the issue, out of which it will get over Rs 509 crore and the rest will be given to shareholders like Lehman Brothers Opportunity Limited, Deutsche Securities Mauritius Limited and Merrill Lynch Capital Markets Espana, S. A., S. V.

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.

Cox and Kings India is the parent of UK-based unlisted Cox and Kings and accounts for nearly 66% of the group's global revenues.