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Cello World IPO subscribed 38% on first day

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The issue is a complete Offer For Sale (OFS) of Rs 1,900 crore by promoters and other selling shareholders

New Delhi: The Initial Public Offering (IPO) of household products and stationery manufacturer Cello World was subscribed 38% on the first day of subscription on Monday.

The IPO received bids for 82,88,878 shares against 2,20,61,947 shares on offer, according to NSE data.

The quota for non-institutional investors was subscribed 94% while the category for Retail Individual Investors (RIIs) received 35% subscription. The portion for Qualified Institutional Buyers (QIBs) got subscribed 2%.

Cello World Ltd on Friday said it has collected Rs 567 crore from anchor investors.

The public issue, with a price band of Rs 617 to Rs 648 per share, will conclude on November 1.

Mumbai-based Cello World has a product portfolio across three key categories — consumer houseware, writing instruments and stationery, and moulded furniture and related products.

In 2017, it ventured into the glassware and opal ware business under the ‘Cello’ brand.

Kotak Mahindra Capital Company, ICICI Securities, IIFL Securities, JM Financial and Motilal Oswal Investment Advisors are the managers to the offer.

The shares are proposed to be listed on BSE and NSE.

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