Cello World, a prominent manufacturer of home goods and stationery, has revealed the price band for its Initial Public Offering (IPO).
The company has set the price range at Rs 617-648 per share, according to market sources. Cello World aims to raise Rs 1,900 crore through this offering.
The subscription for the IPO is scheduled to open on October 30 and will conclude on November 1.
An exclusive one-day window on October 27 is reserved for anchor investors to participate in the IPO.
An Increase in IPO Size
Initially, Cello World had proposed to launch an IPO of Rs 1,750 crore, but it was later increased to Rs 1,900 crore. The company’s shares will be listed on both the BSE and NSE.
IPO Details
The IPO will be entirely based on Offer for Sale (OFS), involving the sale of shares held by promoters and existing shareholders, with no issuance of new shares.
The company has reserved shares worth up to Rs 10 crore for eligible employees.
After subscription, share allotment is expected by November 6, with shares credited to successful investors’ demat accounts by November 8.The listing of the stock on BSE and NSE is scheduled for November 9.
Kotak Mahindra Capital Company, ICICI Securities, IIFL Securities, JM Financial, and Motilal Oswal Investment Advisors are the merchant bankers for the IPO, with Intime India Registrar handling the link.
About the Company
Cello World, known for its household appliances and stationery products, operates 13 manufacturing plants across five different locations in India.
In the financial year 2022-23, the company reported a 30% increase in net profit, reaching Rs 285 crore.
Cello World is in the process of establishing a glassware manufacturing facility in Rajasthan.
Approximately 80% of its revenues come from in-house manufacturing operations, with the remainder (primarily steel and glassware products) produced by third-party contract manufacturers.
