Home products and office supplies maker Cello World Ltd will launch its initial share sale worth Rs 1,900 crore for public subscription on October 30. The initial public offering will end on November 1 and the anchor book of the offering will open for a day. October 27, according to the red herring prospectus.
The issue is a complete offer for sale (OFS) by promoters and other selling shareholders without fresh issue of any equity component. The offer includes a reservation of shares worth up to Rs 10 crore for subscription by eligible employees. The OFS includes stake sale by Pankaj Ghisulal Rathod, Gaurav Pradeep Rathod, Pradeep Ghisulal Rathod, Sangeeta Pradeep Rathod, Babita Pankaj Rathod and Ruchi Gaurav Rathod.
Mumbai-based Cello World has a product portfolio in three major categories: consumer homewares, writing instruments and stationery, and die-cast furniture and related products. In 2017, it ventured into the glass and opalware sector under the ‘Cello’ brand.
The company has 13 manufacturing facilities in five different locations: Daman, Haridwar (Uttarakhand); Baddi (Himachal Pradesh); Chennai (Tamil Nadu) and Kolkata (West Bengal) from March 31, 2023. The company is also setting up a glassware factory in Rajasthan.
The company’s consolidated revenue rose 32.2 percent to Rs 1,796.69 crore for fiscal 2023 from Rs 1,359.18 crore a year ago. Moreover, net profit rose 30 percent to Rs 285 crore in FY23, compared to Rs 219.52 crore in the previous fiscal. Kotak Mahindra Capital Company Ltd, ICICI Securities Ltd, IIFL Securities Ltd, JM Financial Ltd and Motilal Oswal Investment Advisors Ltd are book-running lead managers.
It is proposed to list the shares on BSE and NSE.
(With inputs from PTI)