Cellecor Gadgets IPO opens for bidding on September 15

Cellecor Gadgets, an emerging consumer electronics brand, is all set to embark on a new chapter of growth as it announces its initial public offering (IPO). 

The IPO is scheduled to open for bidding on Friday, September 15, 2023, and will run until Wednesday, September 20, 2023. The company sets its price band of Rs 87-92 per equity share.

Formerly known as Unity Communications, Cellecor Gadgets had a significant 13-year history in the consumer electronics sector. In 2020, the company created Cellecor Gadgets, its own FMEG brand. The company operates through three distinct business verticals, namely entertainment and communications, peripherals, and modern accessories.

The IPO issue comprises the sale of 55.18 lakh fresh equity shares, each with a face value of Rs 10, totalling  Rs 50.77 crore. The lot size for the IPO is set at 1,200 equity shares, with each lot priced at Rs 1,10,400 at the upper end of the price band. Retail investors are eligible to apply for a single lot, while non-institutional investors have the option to bid for at least two lots, the company informed.

Further, the company said that the proceeds from the IPO will be channelled towards fulfilling the company's working capital requirements, general corporate purposes, and covering issue-related expenses. 

Notably, 2.76 lakh equity shares have been reserved for market maker portions, with SS Corporate Securities and Kantilal Chhaganlal Securities serving as the market makers for the offering.

For the fiscal year ending on March 31, 2023, Cellecor Gadgets reported a net profit of Rs 7.97 crore, with a revenue of Rs 264.37 crore.