Cello World shares list at 28% premium to IPO price
Cello World made a strong stock market debut, with shares listing at a 28% premium to its IPO price. The stock started trading at Rs. 829 on the NSE and Rs. 831 on the BSE, compared to its issue price of Rs. 648. This positive response is due to the company's solid financials, debt-free status, and support from big names like Nomura and Morgan Stanley. At the time of writing, the stock traded at Rs. 791.20, up 22.10%, on NSE.
High investor interest and funds raised
The public issue of Cello World was subscribed 38.9 times, showing significant investor interest. QIBs bought 108.57 times the allotted quota, HNIs picked 24.42 times, and retail investors bid 3.06 times. The company raised Rs. 1,900 crore through a maiden public issue, which was an offer-for-sale (OFS) by promoters. All the money, excluding issue expenses, went to the promoters.
Diverse product portfolio and expansion plans
Cello World has a strong presence in consumer categories such as houseware, writing instruments, stationery, molded furniture, and consumer glassware. As of June 2023, the company had 15,891 SKUs across its product categories and operated 13 manufacturing facilities in five locations. Cello World is also setting up a glassware manufacturing facility in Rajasthan, further expanding its consumer goods industry capabilities.
