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Leading household consumer products major Cello World Ltd has filed the draft papers with the Securities and Exchange Board of India (Sebi) to raise Rs 1,750 crore through a public issue.
The IPO will be a 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.
Gaurav Pradeep holds 25.73 percent stake in the company, while Pankaj Ghisulal has 16.24 percent and Pradeep Ghisulal hold 12.86 percent.
The Mumbai-based firm which competes with the likes of 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.
The Rathod family-promoted Cello Group had a humble beginning in Mumbai back in 1967, when it set up a tiny factory for making plastic PVC footwear and bangles. It has a 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. 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.
For FY23, the firm 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. EBITDA margin for the year declined to 24.34 percent from 25.71 percent a year ago. Net debt during the year decreased to Rs 304.49 crore from Rs 426.64 crore last year.
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