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Cello World
Indian household products maker Cello World has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to Rs 1,750 crore through an initial public offering (IPO).
According to the company, The IPO will consist of pure offer-for-sale, comprising 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.
The company's promoters include Gaurav Pradeep, which holds a 25.73% stake, while Pankaj Ghisulal and Pradeep Ghisulal have 16.24% and 12.86% stakes, respectively.
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 of the issue, the company said.
The Beginning
Cello World was established in 1967 as a factory for making plastic PVC footwear and bangles. Since then, The company transformed into a household products maker, currently selling products in various categories, including drinkware, opalware and kitchen appliances to cleaning aids, bathroom accessories and sanitisers.
The company said that 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.
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