Cello World's IPO Subscription Surges to 77% on Day 2, Retail Portion Subscribed 0.70 Times

31 Oct 2023 , 01:17 PM

Cello World’s Initial Public Offering (IPO) valued at Rs 1,900 crore saw a 38% subscription by the end of the first day of bidding, with investors bidding for 82.88 lakh equity shares out of the total offer size of 2.2 crore. Click here to subscribe the IPO.

By 12:45 PM on the second day, the subscription surged to 77%. The Non-Institutional Investors (NIIs) section was oversubscribed, hitting 2.05 times, while the retail portion reached 0.70 times bids. The Qualified Institutional Buyers (QIBs) subscribed to 0.02 times their share allocation, and the employee section obtained 0.74 times subscription.

Half of the IPO is reserved for Qualified Institutional Buyers (QIBs), who bid for only 2 percent of their allotted shares.

Cello World, a consumer products company, has allocated shares worth Rs 10 crore for its employees at a discounted rate of Rs 61 per share from the final offer price.

The IPO price band is set in the range of ₹617 to ₹648 per equity share with a face value of ₹5. The offering will witness promoter Pradeep Ghisulal Rathod selling shares worth ₹300 crore, Pankaj Ghisulal Rathod offering ₹736 crore, Gaurav Pradeep Rathod selling ₹464 crore, Sangeeta Pradeep Rathod putting forth ₹200 crore, and both Babita Pankaj Rathod and Ruchi Gaurav Rathod selling shares worth ₹100 crore each.