Cello World Limited raises Rs. 567 crore from Anchor Investors

Cello World Limited, a leading company in the consumer ware market in India with presence in the consumer houseware, writing instruments and stationery, and moulded furniture and allied products categories, and are amongst the largest brands in the Indian consumer ware market, has garnered   Rs. 567 crores from anchor investors ahead of its initial public offering that opens for public subscription on Monday, October 30, 2023. The company informed the bourses that it allocated 87,49,999 equity shares at Rs. 648 per share on Friday, October 27, 2023, to anchor investors.

Foreign and Domestic Institutions who participated in the anchor were ICICI Prudential, Motilal Oswal, Goldman Sachs, Nomura, SBI Life Insurance, HDFC life insurance, BNP Paribas, All Spring Global, Morgan Stanley, TATA India Consumer Fund, Quant, CLSA Global, Aditya Birla Sun Life, Edelweiss, Reliance General Insurance, Invesco, Kotak Optimus, Bajaj Alliance and others.

Out of the total allocation of 87,49,999 equity shares to the anchor investors, 24,42,416 equity shares were allocated to 8 domestic mutual funds through a total of 11 schemes amounting to Rs. 158.27 crore (approx.) i.e. 27.91% of the Total Anchor Book Size.

Kotak Mahindra Capital Company Limited, ICICI Securities Limited, IIFL Securities Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

IPO Details

The Public Issue of face value of ₹5 per Equity Share is entirely an offer for sale of equity shares up to Rs 1900 crore. The offer also includes a reservation for a subscription by eligible employees and a discount of Rs 61 per equity share is being offered to eligible employees bidding in the employee reservation portion.

The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Monday, October 30, 2023, and closes on Wednesday, November 01, 2023. The price band for the Offer has been determined at Rs 617 – Rs 648 per equity share.

The IPO will fetch Rs 1900 crore at the upper end of the price band.

Investors can bid for a minimum of 23 equity shares and in multiples of 23 equity shares thereafter.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

BSE Link: https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20231027-58