Household products and stationery manufacturer Cello World Ltd has fixed a price band of Rs 617-Rs 648 per share for its Rs 1,900-crore initial public offering (IPO), market sources said on Tuesday.
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The issue will open for public subscription on October 30 and conclude on November 1, and the anchor book of the offer will be opened for a day on October 27, according to the red herring prospectus.
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The issue is a complete offer for sale (OFS) by promoters and other selling shareholders, with no fresh issue of equity share component.
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The offer includes a reservation of shares worth up to Rs 10 crore for subscription by eligible employees.
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The company has raised the size of its IPO size to Rs 1,900 crore from Rs 1,750 planned earlier.
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The OFS comprises the sale of equity shares by Pankaj Ghisulal Rathod, Gaurav Pradeep Rathod, Pradeep Ghisulal Rathod, Sangeeta Pradeep Rathod, Babita Pankaj Rathod and Ruchi Gaurav Rathod.
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The Mumbai-based Cello World has a product portfolio across three key categories — consumer houseware, writing instruments and stationery, and moulded furniture and related products.
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In 2017, it ventured into the glassware and opal ware business under the ‘Cello’ brand.
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The company has 13 manufacturing facilities in five different locations — Daman, Haridwar (Uttarakhand); Baddi (Himachal Pradesh); Chennai (Tamil Nadu) and Kolkata (West Bengal) as of March 31, 2023. It is also in the process of setting up a glassware manufacturing facility in Rajasthan.
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Besides, its net profit rose 30 per cent to Rs 285 crore in FY23 from Rs 219.52 crore in the preceding fiscal.
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Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd, IIFL Securities Ltd, JM Financial Ltd and Motilal Oswal Investment Advisors Ltd are book-running lead managers.
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The shares are proposed to be listed on BSE and NSE.