Cello World Raises Rs 567 Crore from Anchor Investors Ahead of Public Issue Opening

28 Oct 2023 , 01:00 PM

Cello World, a Mumbai-based consumer-ware company, secured Rs 567 crore from 39 anchor investors before the opening of its public issue. 

Notable investors included Goldman Sachs, Nomura, Morgan Stanley, Florida Retirement System, HSBC, and Eminence Global Fund, CLSA Global, BNP Paribas Arbitrage, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Trustee, HDFC Mutual Fund, and others who participated in the anchor book.

The company allocated 87,49,999 equity shares at a price of Rs 648 per share to these anchor investors. 

Eight domestic mutual funds across 11 schemes were among those who applied through the anchor book. Additionally, insurance companies like SBI Life Insurance Company, ICICI Prudential Life Insurance, HDFC Life Insurance Company, Max Life Insurance Company, Kotak Mahindra Life Insurance Company, and Bajaj Allianz General Insurance Company showed substantial interest and made significant investments.

Cello World operates in consumer houseware, writing instruments & stationery, moulded furniture & allied products, and consumer glassware categories. The company plans to raise Rs 1,900 crore via an initial public offering from October 30 to November 1. 

The issue comprises solely an offer-for-sale by the Rathod family, with no fresh issue component. As a result, the firm will not receive any proceeds from the offer, and all funds, except for issue expenses, will go to the selling shareholder, the Rathod family. The price band for the offer is fixed at Rs 617-648 per share.