- By Vaamanaa Sethi
- Tue, 15 Aug 2023 01:03 PM (IST)
- Source:JND
Cello World, a leading household consumer products company, has filed the draft papers with the Securities and Exchange Board of India (SEBI) to raise up Rs 1,750 crore through a public issue.
The IPO will be a pure offer for sale (OFS), which will comprise up to Rs 300 crore by Pradeep Ghisulal Rathod, up to Rs 670 crore by Pankaj Ghisulal Rathod, up to Rs 380 crore by Gaurav Pradeep Rathod, up to Rs 200 crore by Sangeeta Pradeep Rathod, and up to Rs 100 crore each by Babita Pankaj Rathod and Ruchi Gaurav Rathod.
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The Mumbai-based company, which competes with Milton, La Opala and Borosil, is backed by ICICI Venture, the alternative investment arm of ICICI Bank. Kotak Mahindra Capital, ICICI Securities, JM Financials, Motilal Oswal Securities and IIFL Securities are the lead managers to the issue.
Cello Group, which is promoted by Rathod Group, set up its factory for making plastic PVC footwear and bangles in 1967. The company claims to have presence in categories like drinkware, opalware and kitchen appliances to cleaning aids, bathroom accessories and sanitisers and its products cater to hotels, restaurants and catering also.
As of March 2023, it offers 15,841 stock keeping units across product categories.
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It owns, leases, and operates 13 manufacturing facilities across five locations in India with an installed annual capacity of 57.77 million units of consumer houseware products per annum, 15,000 tonnes of opalware and glassware per annum, 650.00 million units of writing instruments and stationery products per annum and 12.80 million units of moulded furniture and allied products
The company had reported a revenue of Rs 1,796.70 crore as against Rs 1,359.18 crore a year ago, while its net profit stood at Rs 285.07 crore versus Rs 219.52 crore for FY23.