Cello World, a comprehensive product range company, has launched its initial public offering (IPO) today. The IPO which will remain open until November 1, experienced a strong start with a 38% subscription rate on its first day. The non-institutional investor (NII) portion was almost fully covered, while the retail portion stood at 35%.
The company has set the share prices between ₹617 and ₹648 with an aim to raise ₹1,900 crore ($255 million) through this IPO. Prior to the public offering, Cello World managed to secure ₹567 crore ($76 million) from anchor investors.
Cello World is known for its diverse product range including drinkware, dinnerware, and glassware sold across India under a single brand. This wide-ranging product assortment effectively caters to diverse customer demands. The company's distribution advantage and strong market position have earned it 'Subscribe' ratings from firms BP (NYSE:BP) Equities and Geojit.
This IPO comes as part of a broader trend of companies taking advantage of the buoyant capital markets to raise funds for expansion and debt repayment. The performance of Cello World's IPO in the coming days will provide further insight into investor sentiment towards consumer goods companies in India.
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