The initial public offering (IPO) of Cello World, a Mumbai-based consumer-ware firm, opened to a lukewarm response on Monday. The company received bids for 14.48 lakh equity shares against an offer size of 2.2 crore on its first day. The IPO, with a price band of ₹617-₹648 per share, is set to close on Wednesday, November 1.
The Rathore family's offering saw varying degrees of interest from different investor categories. High net worth individuals (HNIs) and retail investors each bid for about 9% of their quotas, while qualified institutional buyers (QIBs) bid for only 0.005% of their allotment.
In a move aimed at its workforce, the company reserved shares worth ₹10 crore for its employees at a ₹61 per share discount.
Ahead of its public debut, Cello World raised ₹567 crore (INR100 crore = approx. USD12 million) from anchor investors including global financial giants Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), as well as Florida Retirement System, Nomura, HSBC, and HDFC Mutual Fund at the upper price band.
Cello World was incorporated in 2018 and operates in the consumer-ware market with offerings in houseware, writing instruments, moulded furniture, and glassware. It is the first of seven companies slated to launch IPOs this week.
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