Cello World IPO Opens Strong, Subscription Till November 1

The Cello World IPO has begun and will run until November 1, 2023. The Mumbai-based consumer goods company aims to raise Rs.1,900 crore through the public offering, which includes a Rs.10 crore reservation for eligible employees. Promoters Pradeep Ghisulal Rathod, Pankaj Ghisulal Rathod, Gaurav Pradeep Rathod, Sangeeta Pradeep Rathod, Babita Pankaj Rathod, and Ruchi Gaurav Rathod will sell shares worth Rs.300 crore, Rs.736 crore, Rs.464 crore, Rs.200 crore, Rs.100 crore, and Rs.100 crore, respectively, through the OFS.

Investors are enthusiastic about Cello World Ltd shares in the grey market, with the scrips trading at a premium of Rs.90 today.

So far, the Cello World IPO has been subscribed 0.18 times, with the company receiving bids for 40,56,832 shares of the total 2,20,61,947 shares on offer. Non-institutional investors have subscribed to the quota 0.36 times, retail investors 0.22 times, and employees 0.25 times. Qualified institutional buyers (QIBs) have placed bids for 9,016 shares of the total 65,66,045 on offer, making it the least subscribed category so far.

Reliance Securities has recommended subscribing to the Cell World IPO, stating that the company has demonstrated its manufacturing and production capabilities through continuous innovation. The research firm Choice India has advised subscribing with caution to the IPO due to its high price. Mehta Equities has recommended subscribing to the issue with a long-term perspective, stating that it provides investors the opportunity to invest in a well-known Indian consumer products company with over 60 years of experience.