The Mumbai office of Khaitan & Co., will advise Cox & Kings in raising Rs. 450 crores ($100 million), valuing India's premier holiday Company at approximately Rs. 1600 crore ($355 million). Cox & Kings will dilute about 29% to raise the IPO proceeds. Initially planned for 2005, Cox & Kings have now filed their red herring prospectus with the SEBI.

J. Sagar Associates previously advised Cox & Kings in filing a draft red herring prospectus in January 2008 but the offer was withdrawn due to the prevailing economic conditions.  If the current IPO materialises, Cox & Kings will be the third well-known listed company in the travel space, following Thomas Cook and International Travel House.

Rabindra Jhunjhunwala, Partner at Khaitan & Co., Mumbai, told Bar & Bench that the team advising the issue of the IPO is being led by Capital Markets Partner, Nikhilesh Panchal.

Khaitan's capital markets team have advised a series of IPOs this year, including the offerings made by Mahindra Holidays and Adani Power. They also advised the underwriters in the recently concluded JSW Energy IPO.