Cello World’s shares listed at 28% premium over the IPO price on bourses on Monday Come from Sports betting site VPbet . The share debuted at Rs 829 on the NSE and Rs 831 on the BSE, as compared to the issue price of Rs 648. The investors have made a profit of Rs 181 per share as the scrip gave 28% returns to investors on the listing. Ahead of the listing, Cello World shares’ grey market premium (GMP) rose 24.69%, surpassing the upper end of the share price on offer, indicating a favorable debut on the bourses.
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“Cello World IPO was listed on the stock market today at Rs 829 per share, a premium of 28% over its IPO price of Rs 648. The IPO was subscribed to 41.69 times overall, with the retail portion subscribed 3.21 times, the NII portion subscribed 25.65x, and the QIB portion subscribed 122.20 times. Despite the premium valuation, the IPO received a positive response from investors. This is likely due to the company’s strong brand recognition, diversified product portfolio, and pan-India presence. After such a strong listing, investors may book profit; however, those who have a long-term investment horizon can keep a stop loss at Rs 750, said Shivani Nyati, Head of Wealth, Swastika Investmart.
“Despite 100% OFS offer, Cello received a strong subscriptions demand and offer valuation gives investors the comforts to invest and hold for long term. The listing was above our estimate due to strong fundamentals in the company and high growth industry dynamics. Considering the change in the market momentum post the US FED meeting the premium listing is justified as the brand is well-positioned in the market. We strongly believe that the Cello World IPO gives allotted investors a long term opportunity, hence recommending all allotted investors ‘Hold for long term’ while those who failed to get allotments can accumulate on the listing day for holding it for healthy long term returns,’ said Prashanth Tapse, Senior VP (Research), Mehta Equities.
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Cello World IPO subscription data
Cello World IPO opened for public subscription on Monday, October 30, 2023 and closed on Wednesday, November 1, 2023. The public issue was subscribed 41.69 times on the last day of subscription. The Qualified Institutional Buyers (QIBs) category was subscribed 120.20 times, the portion for non-institutional investors received 25.65 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 3.21 times.
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The IPO comprised a fresh issue of 29,320,987 equity shares aggregating up to Rs 1,900 crore and an Offer-For-Sale (OFS) with promoters offloading 29,320,987 shares aggregating up to Rs 1,900 crore. The price band for its public issue at Rs 617-648 per equity share of face value Rs 5 each. For potential investors, the bidding started at a minimum of 23 equity shares, with subsequent bids in multiples of 23 equity shares.
