Cello World IPO allotment status out; grey market premium rises ahead of listing

Cello World has announced the basis of the allotment of its shares ahead of its listing on Monday. The company will debut on stock exchange on November 6, 2023. The initial public offering (IPO) of the pan-India consumerware maker had received a strong response during the bidding process, particularly from institutional investors.

The Cello World issue was sold in the price band of Rs 617-648 apiece, with a lot size of 23 equity shares. The issue was entirely an offer-for sale (OFS) of up to 2.93 crore equity shares, aggregating to Rs 1,900 crore. The IPO ran from October 30 to November 01. The IPO was overall subscribed 38.9 times.

The portion set aside for qualified institutional bidders (QIBs) was booked a stellar 108.57 times, while the quota reserved for non-institutional investors saw a bidding of 24.42 times. The quota reserved for retail investors and employees were subscribed 3.06 times and 2.60 times during the three-day bidding process.

The grey market premium (GMP) of Cello World has improved in recent days. Last heard, it was commanding a premium of Rs 160-165 per share, suggesting a listing gain of around 25 per cent over its issue price of Rs 648 per share.

Cello World is a pan-India consumer product company, which mainly deals in three categories namely writing instruments and stationery, molded furniture and  consumer housewares. Cello boasts of over six decades of experience in consumer product industry.

Many brokerages had suggested 'Subscribe' on the issue, citing strong brand recall, pan India presence, growth potential and solid historic track record. That said. the OFS nature and absence of patents and trademarks for its brand were key concerns.

The issue was managed by IIFL Securities, Kotak Mahindra Capital, ICICI Securities, JM Financial and Motilal Oswal Investment Advisors, while Link Intime India was the registrar for the issue. Shares of Cello World are to make their debut on both BSE and NSE.

Investors, who bid for the issue of Cello World, can check the allotment status on the BSE website's IPO application check page. Check-in equity, under the issue type and then, from the dropbox, select Cello World Limited. An applicant needs to type-in the application number and add the PAN card details and check-in the 'I am not a Robot' before hitting the submit button.

Allotment status can also be checked through the online portal of Link Intime, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of Cello World in dropbox. One may be required to select either Application number, demat account number, or PAN ID. Enter the details of the mode selected in the previous tab and fill the captcha accurately and hit submit.


Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.