Cox & Kings plans IPO for education tour business

Proceeds may be used to pare down firm's debts, standing at around Rs 4,150 cr

Tour operator Cox & Kings is exploring an initial public offering for its education tour business in Europe and Australia as it believes it will generate better value for the company and its shareholders.

The education tour business is part of Cox & Kings’ operations, after it acquired the UK-based Holidaybreak for Rs 2,300 crore in 2011. Back then, it had acquired a hundred per cent stake in Holiday break with an equity investment of around $230 million and a debt of around $500 million. A year later, it sold 34.4 per cent of its stake in the firm, bringing