Cello World to Open its INR 1900 cr IPO on October 30 The subscription will be open with a price band of INR 617 to 648 per Equity Share of face value of INR 5 and will close on November 1.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Cello World, an Indian consumer products company, announced it was opening its initial public offering on October 30.
The subscription will be open with a price band of INR 617 to 648 per Equity Share of face value of INR 5 and will close on November 1.
The IPO will consist of a fresh issue of Equity Shares worth INR 1900 crore, with the minimum bid of 23 Equity Shares and in multiples of 23 Equity Shares thereafter. Reportedly, the anchor investor bids for the issue will take place on October 27.
The company began its operations in 1967 with Ghisulal Dhanraj Rathod as the lead. It presently has a presence in three product categories: consumer houseware, writing instruments and stationery, and moulded furniture and allied products.
The issue will have Kotak Mahindra Capital Company Limited, ICICI Securities Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited, and IIFL Securities Ltd as the Book Running Lead Managers. Link Intime India Private Ltd will be the issuing registrar.
Reportedly Cello World increased the IPO size from INR 1750 crore to INR 1900 crore. For FY23, Cello's consolidated revenue from operations rose about 32 per cent on year to INR 1,796.69 crore, while net profit increased 29.86 per cent to INR 285 crore.
The issue will not have more than 50 per cent of shares reserved for Qualified Institutional Buyers (QIB), not less than 15 per cent for Non-Institutional Investors (NII), and not less than 35 per cent for Retail Investors.
Notably, the offer also includes an INR 10 crore reservation for subscription by eligible employees, where they will be getting a discount of INR 61 per equity share.
