Cello World sets IPO price band at Rs 617-648/share

New Delhi: Household products and stationery manufacturer Cello World Ltd has fixed a price band of Rs617-Rs648 per share for its Rs1,900-crore initial public offering (IPO), market sources said on Tuesday.

The issue will open for public subscription on October 30 and conclude on November 1, and the anchor book of the offer will be opened for a day on October 27, according to the red herring prospectus. The issue is a complete offer for sale (OFS) by promoteRsand other selling shareholders, with no fresh issue of equity share component. The offer includes a reservation of shares worth up to Rs10 crore for subscription by eligible employees. The company has raised the size of its IPO size to Rs1,900 crore from Rs1,750 planned earlier.

The OFS comprises the sale of equity shares by Pankaj Ghisulal Rathod, Gaurav Pradeep Rathod, Pradeep Ghisulal Rathod, Sangeeta Pradeep Rathod, Babita Pankaj Rathod and Ruchi Gaurav Rathod. The 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.