Cello World IPO Oversubscribed 38.90 Times

New Delhi, Nov 1 (PTI) The Initial Public Offering (IPO) of household products and stationery manufacturer Cello World was subscribed 38.90 times on the last day of subscription on Wednesday, driven by heavy participation from institutional buyers.

The IPO received bids for 85,83,14,713 shares against 2,20,61,947 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers (QIBs) got subscribed a whopping 108.57 times while the category for non-institutional investors received 24.42 times subscription. The quota for Retail Individual Investors (RIIs) was subscribed 3.06 times.

The issue was a complete Offer For Sale (OFS) of Rs 1,900 crore by promoters and other selling shareholders.

Cello World Ltd on Friday said it has collected Rs 567 crore from anchor investors.

The public issue had a price band of Rs 617-648 per share.

Mumbai-based Cello World has a product portfolio across three key categories -- consumer houseware, writing instruments and stationery, and moulded furniture and related products.

In 2017, it ventured into the glassware and opal ware business under the 'Cello' brand.

Kotak Mahindra Capital Company, ICICI Securities, IIFL Securities, JM Financial and Motilal Oswal Investment Advisors were the managers to the offer.

The shares are proposed to be listed on BSE and NSE.