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Cello World to debut today

Nov 6, 2023

By: BlinkX Research Team

On November 6, Cello World's shares could go public on exchanges at a premium of 22–25 percent. Investors responded strongly to the offering, and as a result, analysts now predict that the stock will open between ₹790 and ₹810, compared to the offer price of ₹648.

Cello World’s public issue was subscribed 38.9 times. Qualified institutional buyers (QIB) bought 108.57 times the allotted quota, high net worth individuals (HNI) picked 24.42 times and retail investors bid 3.06 times.

The initial public offering (IPO) had a price range of ₹617–648 per share when it launched on October 30 and closed on November 1. 

The Mumbai-based firm raised ₹1,900 crore via a maiden public issue that comprised only an offer-for-sale (OFS) by the promoters. Since the offer did not have a fresh issue component, all the money, excluding issue expenses went to the promoters. However, the main objective of the offer was to achieve the benefits of listing the equity shares on the stock exchanges.