- By Vaamanaa Sethi
- Tue, 24 Oct 2023 02:25 PM (IST)
- Source:JND
Cello World Ltd., the renowned pen manufacturer, has raised the scale of its initial public offering (IPO) to Rs 1,900 crore, up from the initial Rs 1,750 crore. As stated in the red herring prospectus (RHP), the IPO is scheduled for subscription from October 30 to November 1.
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The IPO comprises a full offer for sale (OFS), in which promoters and other shareholders will divest shares with a face value of Rs 5, amounting to a total of Rs 1,900 crore. Additionally, there is an allocation of up to Rs 10 crore reserved for eligible employee subscriptions.
The forthcoming issue will involve the following share offerings by the promoters: Pradeep Ghisulal Rathod will offer shares worth Rs 300 crore, Pankaj Ghisulal Rathod will contribute Rs 736 crore, Gaurav Pradeep Rathod will offer Rs 464 crore, Sangeeta Pradeep Rathod will contribute Rs 200 crore, while both Babita Pankaj Rathod and Ruchi Gaurav Rathod will offer Rs 100 crore each.
“The company will not receive any proceeds from the offer (“Offer Proceeds"). All the Offer Proceeds (net of any Offer related expenses to be borne by the Selling Shareholders) will be received by the respective selling shareholders, in proportion to the equity shares offered by them in the Offer for Sale," said the company in the RHP.
Kotak Mahindra Capital Co. Ltd, ICICI Securities Ltd, IIFL Securities Ltd, JM Financial Ltd and Motilal Oswal Investment Advisors Ltd are book running lead managers and Link Intime India Pvt. Ltd is registrar.
In the fiscal year 2023, consolidated revenue from operations saw a year-on-year surge of approximately 32%, reaching Rs 1,796.69 crore, while the net profit exhibited a growth of 29.86%, reaching Rs 285 crore.