Cello World increases IPO size to ₹1,900 crore; issue to open on 30 October
₹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.
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