Global financial major Merrill Lynch, Deutsche Bank and Indivision, the private equity arm of Future Group, are in race to buy into Cox & Kings, one of India's oldest travel services firm. A source said the tour operator is considering a pre-IPO placement of its shares with some investors and is in talks with the foreign financial institutions and private equity funds. However, another source said US-based Merrill Lynch is the frontrunner. The deal is being brokered by City-based Enam Securities. The primary objective of companies opting for a pre-IPO placement is that it sets the benchmark to identify the public issue price. The promoters - the Peter Kerkar family - plans to sell 8-10% to the new investor for Rs 135 crore. The deal, if consummated, will put the valuation of Cox & Kings at Rs 1,350 crore. The company plans to utilize the funds to expand the business, including acquisitions.   more »