Cox and Kings sells $65 million of GDRs

The Indian travel company comes to market days after MakeMyTrip soars in its US trading debut.

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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222