Household products and stationery manufacturer Cello World Ltd has fixed a price band of Rs 617-Rs 648 per share for its Rs 1,900-crore initial public offering (IPO), market sources said on Tuesday.
The issue will open for public subscription on October 30 and conclude on November 1, and the anchor book of the offer will be opened for a day on October 27, according to the red herring prospectus.
The issue is a complete offer for sale (OFS) by promoters and other selling shareholders, with no fresh issue of equity share component.
The offer includes a reservation of shares worth up to Rs 10 crore for subscription by eligible employees.
The company has raised the size of its IPO size to Rs 1,900 crore from Rs 1,750 planned earlier.
The OFS comprises the sale of equity shares by Pankaj Ghisulal Rathod, Gaurav Pradeep Rathod, Pradeep Ghisulal Rathod, Sangeeta Pradeep Rathod, Babita Pankaj Rathod and Ruchi Gaurav Rathod.
The 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.
The company has 13 manufacturing facilities in five different locations -- Daman, Haridwar (Uttarakhand); Baddi (Himachal Pradesh); Chennai (Tamil Nadu) and Kolkata (West Bengal) as of March 31, 2023. It is also in the process of setting up a glassware manufacturing facility in Rajasthan.
Besides, its net profit rose 30 per cent to Rs 285 crore in FY23 from Rs 219.52 crore in the preceding 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.
The shares are proposed to be listed on BSE and NSE.