Cello World is likely to finalized the allotment status of its shares on Friday, that is, November 3. The primary stake sale offers of the pan-India consumerware maker saw a strong response during the three-day bidding process, particularly from institutional investors and non-institutional investors.
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Cello World sold its IPO in the fixed price band of Rs 617-648 per share with a lot size of 23 shares. The issue was open for bidding between October 30 to November 01. The consumer houseware and furniture manufacturer entity raised a total of Rs 1,900 crore from its primary offering, which was entirely an offer-for-sale (OFS) of up to 2.93 crore equity shares.
The issue was overall subscribed 38.9 times. The portion for qualified institutional bidders (QIBs) was booked a whopping 10.8.57 times, while the portion set aside for non-institutional investors saw 24.42 times bidding. The allocation reserved for retail investors and employees was subscribed 3.06 times and 2.60 times during the bidding process.
Grey market premium (GMP) of Cello World, after a strong rise after the strong bidding by the QIB investors. Last heard, Cello World was commanding a premium of Rs 160 apiece, suggesting a listing pop of around 25 per cent for the investors. The premium in the unofficial market stood around Rs 90-120 a day before the issue opened for bidding.
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Cello World is a well-known pan-India consumer product company. It mainly deals in three categories- writing instruments and stationery, molded furniture, consumer housewares. Cello has an experience of more than six decades in the field of consumer product industry.
Majority of the brokerage firms, tracking the issue, were positive on it and had a ‘subscribe’ rating for it. They were positive on strong brand recall, pan India presence, growth potential and historic track record. However, the complete OFS nature and absence of patents on trademark is the key negative for the company
ICICI Securities, Kotak Mahindra Capital, IIFL Securities, JM Financial and Motilal Oswal Investment Advisors were the lead managers to the issue, while Link Intime India was the registrar for the IPO. Shares of the company will be listed on both BSE and NSE on Monday, November 6.
Investors, who bid for the issue of Cello World, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and then select Cello World Limited in the dropbox. One needs to type-in the application number and add the PAN card ID before clicking on ‘I am not a Robot’ before hitting the submit button.
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Allotment status can also be checked through the online portal of Link Intime, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of Cello World in dropbox. One may be required to select either Application number, demat account number, or PAN ID. Enter the details of the mode selected in the previous tab and fill the captcha accurately and hit submit.
