Cello World IPO ends with good subscription

Published on Nov 02, 2023 16:22

The initial public offer (IPO) of Cello World received bids for 85,83,14,713 shares as against 2,20,61,947 shares on offer. The issue was subscribed 38.90 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 108.57 times. The Non Institutional Investors (NIIs) category was subscribed 24.42 times. The Retail Individual Investors (RIIs) category was subscribed 3.06 times.

The issue opened for bidding on Monday and it closed on Wednesday. The price band of the IPO was fixed at Rs 617-648 per share.

The offer comprised an offer for sale of up to 2,93,20,988 equity shares. The offer also includes a reservation for a subscription by eligible employees and a discountof Rs 61 per equity share is being offered to eligible employees bidding in the employee reservation portion.

The company will not receive any proceeds from the offer. All the offer proceeds (net of any offer related expenses to be borne by the selling shareholders) will be received by the respective selling shareholders, in proportion to the equity shares offered by them in the offer for sale.

Ahead of the IPO, Cello World on 27 October 2023, raised Rs 566.99 crore from anchor investors. The board allotted 87.49 lakh shares at Rs 648 each to 39 anchor investors.

Cello World is a prominent player in the consumerware market in India with presence in the consumer houseware, writing instruments and stationery, moulded furniture and allied products and consumer glassware categories. The popular sub-brands under the Cello brand include Kleeno, Puro, Chef, H2O, Modustack, Maxfresh and Duro. The company own and operate 13 manufacturing facilities across five locations in India, as of 30 June 2023.

The company reported a net profit of Rs 82.83 crore and total income of Rs 471.78 crore for the three months ended on 30 June 2023.