Mumbai-based company Cello World, renowned for its 'Cello' brand, witnessed a strong response to its Initial Public Offering (IPO), which was subscribed 1.44 times on the second day of subscription. The company received bids for over 3.1 million shares, surpassing the offered 2.2 million shares.
Non-institutional investors demonstrated significant interest in the IPO, subscribing at a rate of 4.35 times. Retail Individual Investors (RIIs) showed moderate interest with a subscription rate of 1.04 times, while Qualified Institutional Buyers (QIBs) lagged behind with a subscription rate of only 5 per cent.
The Offer For Sale (OFS) set by the promoters and shareholders is Rs 1,900 crore ($255 million), with Rs 567 crore ($76 million) already secured from anchor investors ahead of the public issue. The issue is priced between Rs 617-648 per share and is slated to conclude on Wednesday, November 1.
The IPO is managed by leading financial institutions including Kotak Mahindra Capital Company, ICICI Securities, IIFL Securities, JM Financial, and Motilal Oswal Investment Advisors. Following the IPO, Cello World intends to list its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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