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Business News/ Markets / Ipo/  Cello World increases IPO size to 1,900 crore; issue to open on 30 October
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Cello World increases IPO size to ₹1,900 crore; issue to open on 30 October

The IPO is a complete offer for sale (OFS), where promoters and other shareholders will sell shares of ₹5 face value totalling ₹1,900 crore

Cello World increases IPO size to ₹1,900 crore; issue to open on 30 October. (Photo: Reuters)Premium
Cello World increases IPO size to 1,900 crore; issue to open on 30 October. (Photo: Reuters)

Mumbai: Pen maker Cello World Ltd. has increased the size of its initial public offering (IPO) to 1,900 crore from 1,750 crore. The IPO will open for subscription between 30 October and 1 November, according to the red herring prospectus (RHP).

The IPO is a complete offer for sale (OFS), where promoters and other shareholders will sell shares of 5 face value totalling 1,900 crore. The offer includes a reservation of up to 10 crore for subscription by eligible employees.

The issue will see promoter Pradeep Ghisulal Rathod offer 300 crore worth of shares, 736 crore by Pankaj Ghisulal Rathod, 464 crore by Gaurav Pradeep Rathod, 200 crore by Sangeeta Pradeep Rathod, 100 crore by both Babita Pankaj Rathod and Ruchi Gaurav Rathod.

On 14 August, Mint reported that Cello World Ltd had filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through IPO. 

“The company will not receive any proceeds from the offer (“Offer Proceeds"). All the Offer Proceeds (net of any Offer related expenses to be borne by the Selling Shareholders) will be received by the respective selling shareholders, in proportion to the equity shares offered by them in the Offer for Sale," said the company in the RHP.

As of 31 March 2023, the company offered a wide range of 15,841 stock-keeping units ("SKUs") spanning various product categories. In 2017, it ventured into the glassware and opal ware business under the “Cello" brand. The company has products in three categories—consumer houseware, writing instruments and stationery, and moulded furniture and related products.

Kotak Mahindra Capital Co. Ltd, ICICI Securities Ltd, IIFL Securities Ltd, JM Financial Ltd and Motilal Oswal Investment Advisors Ltd are book running lead managers and Link Intime India Pvt. Ltd is registrar.

For FY23, consolidated revenue from operations rose about 32% on year to 1,796.69 crore, while net profit increased 29.86% to 285 crore. 

Cello was founded by the late Ghisulal Dhanraj Rathod, formerly promoter and father of two current promoters, Pradeep Ghisulal Rathod and Pankaj Ghisulal Rathod.

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ABOUT THE AUTHOR
Mayur Bhalerao
"Mayur spearheads data-driven reporting on IPOs for Mint. He also covers market trends, and corporate announcements to ensure comprehensive coverage of the financial landscape. Mayur believes in harnessing the power of Bloomberg Terminal and Capital Line to extract and disseminate critical financial data to cross-functional teams within the newsroom and beyond. disseminate critical financial data to cross-functional teams within the newsroom and beyond."
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Published: 23 Oct 2023, 02:39 PM IST
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