Cello World IPO: The preliminary public providing of family merchandise and stationery producer Cello World Ltd has opened for public subscription on Monday, October 30. It will conclude on November 1. Till 11:21 am on the primary day of bidding, the Rs 1,900-crore IPO has been subscribed 5 per cent receiving subscription for 11,87,651 shares in opposition to 2,20,61,947 shares on provide.
The IPO collected Rs 567 crore from anchor traders on Friday. The firm has determined to allocate a complete of 86.5 lakh fairness shares to 39 funds at Rs 648 apiece, which can also be the higher finish of the value band.
Cello World IPO: GMP Today
According to market observers, unlisted shares of Cello World Ltd stay Rs 120 greater within the gray market as in comparison with its concern value. The Rs 120 gray market premium or GMP is about 18.52 per cent greater than its higher concern value of Rs 648 per share. This means the gray market is anticipating a 18.52 per cent itemizing acquire from the general public concern.
‘Grey market premium’ signifies traders’ readiness to pay greater than the difficulty value.
The IPO allotment will happen on November 6, and the itemizing will happen on November 9.
About Cello World IPO
The concern is a whole provide on the market (OFS) by promoters and different promoting shareholders, with no recent concern of fairness share element.
The provide features a reservation of shares value as much as Rs 10 crore for subscription by eligible workers.
The firm has raised the dimensions of its IPO dimension to Rs 1,900 crore from Rs 1,750 deliberate earlier. The IPO value has been fastened at Rs 617-Rs 648 per share
The OFS contains the sale of fairness shares by Pankaj Ghisulal Rathod, Gaurav Pradeep Rathod, Pradeep Ghisulal Rathod, Sangeeta Pradeep Rathod, Babita Pankaj Rathod and Ruchi Gaurav Rathod.
The Mumbai-based Cello World has a product portfolio throughout three key classes — shopper houseware, writing devices and stationery, and moulded furnishings and associated merchandise.
In 2017, it ventured into the glassware and opal ware enterprise below the ‘Cello’ model.
The firm has 13 manufacturing amenities in 5 totally different areas — Daman, Haridwar (Uttarakhand); Baddi (Himachal Pradesh); Chennai (Tamil Nadu) and Kolkata (West Bengal) as of March 31, 2023. It can also be within the means of establishing a glassware manufacturing facility in Rajasthan.
Besides, its web revenue rose 30 per cent to Rs 285 crore in FY23 from Rs 219.52 crore within the previous fiscal. Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd, IIFL Securities Ltd, JM Financial Ltd and Motilal Oswal Investment Advisors Ltd are ebook-operating lead managers.
The shares are proposed to be listed on BSE and NSE.
Morgan Stanley Asia (Singapore) Pte Ltd, BNP Paribas Arbitrage, CLSA Global Markets Pte Ltd, Reliance General Insurance Company, Bajaj Allianz General Insurance Company, ICICI Prudential Mutual Fund (MF), Edelweiss MF, Tata MF and HDFC MF are among the many anchor traders.
