Cellecor Gadgets IPO to open on Sept 15; check price band, lot size & other details

The initial public offering (IPO) of Cellecor Gadgets will open for bidding on Friday, September 15. The four-day bidding will conclude on September 20, 2023 (Wednesday). The company will be selling its shares in the fixed price band of Rs 87-92 per equity share.

Incorporated in 2020, Cellecor Gadgets is engaged in the procurement, branding, and distribution of televisions, mobile phones, Smart Wearables, mobile accessories, smart watches, and neckbands. The company has three business verticals, entertainment and communications; peripherals; and modern accessories.

The issue entirely includes a sale of 55.18 lakh equity fresh equity shares with a face value of Rs 10 each, amounting to Rs 50.77 crore. The company has fixed a lot size of 1,200 equity shares, with each lot costing Rs 1,10,400 at the upper end. Retail investors can apply for a single lot only, when non-institutional investors can bid for at least two lots.

The proceeds from this issue shall be utilized towards working capital requirement, general corporate purposes, and issue expenses. The company has reserved 2.76 lakh equity shares as market maker portions. SS Corporate Securities and Kantilal Chhaganlal Securities are the market makers for the issue.

Cellecor Gadgets has more than 1200 service centers, and more than 800 Distributors. Its products are also present at over 24,000 retail stores with more than 300 ranges of products and 100 million users in Pan India through offline and online channels.

The company has reserved 50 per cent of the net offer for the qualified institutional bidders (QIBs), while 15 per cent of equity shares shall be reserved for non-institutional investors. Retail Investors will get the remaining 35 per cent of the offer.

For the company that ended on March 31, 2023, the company reported a net profit of Rs 7.97 crore with a revenue of Rs 264.37 crore. The company clocked a net profit of Rs 2.14 crore with a revenue from operations at Rs 121.29 crore for the year ended March 2022.

Narnolia Financial Services is the sole manager to the issue, while Skyline Financial Services has been appointed as the registrar to the issue. Being an SME issue, the company shall be listed on emerge platform of the National Stock Exchange (NSE), with Thursday, September 28, as the tentative date of listing.

Also read: Hot stocks on September 8, 2023: Adani Ports, IRFC, Graphite India, Cochin Shipyard, Mazagon Dock and more

Also read: Mazagon Dock shares in news on signing MSRA with US government. Ke