Cello World, the Indian manufacturer of plastic products, concluded its ₹1,900-crore Initial Public Offering (IPO) today. The subscription ended with the offering being subscribed 1.44 times on the second day of bidding. The shares were priced in the range of ₹617-₹648 with a minimum bid set for 23 shares.
The Offer for Sale (OFS) by the Rathod family amounted to a total of ₹1,900 crore (INR100 crore = approx. USD12 million) with contributions from Pradeep Ghisulal Rathod and Pankaj Ghisulal Rathod amounting to ₹300 crore and ₹736 crore, respectively. The retail investors' subscription stood at 1.05 times, Non-Institutional Investors (NIIs) at 4.36 times, and Qualified Institutional Buyers (QIBs) at just 0.05 times.
The IPO followed a Book Building Process that allocated 50% of the shares to QIBs, 15% to NIIs, and the remaining 35% to Retail Individual Bidders. Ahead of the IPO, Cello raised ₹567 crore from anchor investors including ICICI Prudential (LON:PRU), Motilal Oswal, Goldman Sachs (NYSE:GS), Nomura, SBI Life Insurance, and HDFC Life Insurance. These investors were allocated a total of 87,49,999 shares at ₹648 each.
Employees were offered a discount of ₹61 per share in the Employee Reserve Portion. The shares will be listed on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The IPO process involved Kotak Mahindra Capital Company Limited, Link Intime India Private Limited, and Bajaj Alliance.
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