Cox and Kings, an Indian travel agency business with roots dating back more than 250 years, yesterday raised $65 million from the sale of its first ever global depositary receipts GDRs. The deal followed a non-deal roadshow and was well received by large global long-only investors who already have Indian funds or who are looking for exposure to the South Asian country.
Like many other Indian follow-on deals that have to adhere to restrictive floor prices, the offering was launched at a fixed price of $12.17 per GDR, which translated into Rs569.17 per common share listed on the National Stock Exchange of India. The offer price was equal to the floor price...
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