After a steady response on Day 1, the IPO of stationery maker Cello World sailed through on the second day of bidding process. The issue was overall subscribed 1.07 times. The NII part was booked the most at 2.96 times, followed by the retail category at 0.89 times and QIB at just 0.03 times
The company has fixed a price band of Rs 617-648 per share for its offer. Investors can bid for a minimum of 23 shares in one lot and in multiples thereafter.
Cello World IPO is completely an offer for sale worth Rs 1,900 crore. Net proceeds from the IPO will entirely go to the selling shareholders. Most analysts advised investors to subscribe to the IPO over the company s strong brand identity and diverse product portfolio across different categories. Cello World s business is broadly divided into two categories, consumer houseware and consumer glassware.
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Mumbai-based Cello World boasts an extensive product portfolio across three key categories - consumer houseware, writing instruments and stationery, and moulded furniture and related products.