Cello World raises Rs 567 crore from anchor investors ahead of IPO

Cello World IPO opens on October 30

Mumbai-based consumer-ware company Cello World mobilised Rs 567 crore from 39 anchor investors on October 27, ahead of its public issue opening.

Several marquee investors participated in the anchor book of the company including Goldman Sachs, Nomura, Morgan Stanley, Florida Retirement System, HSBC, and Eminence Global Fund, CLSA Global, and BNP Paribas Arbitrage.

Among others, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Trustee, HDFC Mutual Fund, Motilal Oswal Mutual Fund, Ashoka India Opportunities Fund, Tata Mutual Fund, Edelweiss Trusteeship, Invesco India, and Quant Mutual Fund also invested in Cello World via anchor book.

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The company in its filing to exchanges said it has finalised allocation of 87,49,999 equity shares to anchor investors, at a price of Rs 648 per equity share. "Eight domestic mutual funds have applied through a total of 11 schemes in the anchor book."

Insurance companies also looked interested such as SBI Life Insurance Company, ICICI Prudential Life Insurance, HDFC Life Insurance Company, Max Life Insurance Company, Kotak Mahindra Life Insurance Company, and Bajaj Allianz General Insurance Company invested large chunks of money.

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Cello World which has a presence in consumer houseware, writing instruments & stationery, and moulded furniture & allied products, and consumer glassware categories is planning to raise Rs 1,900 crore via an initial public offering from October 30-November 1.

The issue comprises only an offer-for-sale by the Rathod family and there is no fresh issue component. Hence, the firm will not receive any money from the offer and all the funds, barring issue expenses, will go to the selling shareholder, the Rathod family.

The price band for the offer has been fixed at Rs 617-648 per share.