Cello World IPO subscribed 1.44 times on Day 2 of offer

Cello World IPO: The Initial Public Offer (IPO) of household products and stationery manufacturer Cello World was subscribed 1.44 times on the second day of subscription on Tuesday. The IPO received bids for 3,16,67,573 shares against 2,20,61,947 shares on offer, as per NSE data.

The category for non-institutional investors was subscribed 4.35 times while the Retail Individual Investors (RIIs) portion received 1.04 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 5 per cent.

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

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

The public issue, with a price band of Rs 617-648 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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