The Rathod family-owned business, which is situated in Mumbai and competes with companies like Milton, La Opala, and Borosil, recently got funding from ICICI Venture.
The proposed IPO is intended to garner about Rs 2,000 crore for Cello Global.
Many industry insiders with knowledge of the situation informed Marketbuddy that leading home goods company Cello World has started taking preliminary procedures to conduct an initial public offering (IPO) through which the company hopes to raise between Rs 2,000 crore and Rs 2,500 crore.
The Mumbai-based company, which goes up against companies like Milton, La Opala, and Borosil, is supported by ICICI Venture, the bank’s alternative investment division.
As of now, the firm plans to raise between Rs 2,000 crore and Rs 2,500 crore depending on valuations. Kotak Mahindra Capital, ICICI Securities, JM Financial, IIFL Capital, and Motilal Oswal Investment Advisors Ltd are the investment banks that have been engaged as advisors for the deal. The IPO process got underway earlier this week. The deal is likely to be a combination of primary and secondary issue of shares.
A second individual verified the deal launch and the I-banker syndicate. They also stated that Cello World was hoping to raise about Rs 2,000 crore through the planned listing, however a final decision on the magnitude would be made at a later time.
“The IPO would enable ICICI Venture to partially exit the market and also aid in gathering expansion money. Also, the promoter group may consider unlocking value and diluting a portion of the ownership “This individual added.
has given Cello World a question and a reminder and is expecting a reply via email. It was not possible to get in touch with Kotak Mahindra Capital, ICICI Securities, JM Financial, IIFL Capital, Motilal Oswal Investment Advisers Ltd, or ICICI Venture right away to get a response. As soon as we hear back from the parties, this post will be updated.
ICICI Venture declared in November 2022 that it has contributed Rs 360 crore to Cello World.
“Cello World has shown growth and profitability traits that are at the top of their industry. With branding and premiumization gaining momentum, the organised sector of the business would continue to accelerate in the years to come, according to Gagandeep Singh, senior director of private equity at ICICI Venture, who made the statement at the time of the cash infusion.
The Cello Group, which is supported by the Rathod family, had a modest beginning in Bombay in 1967 when it established a small factory to produce plastic PVC bangles and shoes. According to the corporate website, it is currently one of the most diverse houseware companies in the nation, offering more than 10,000 goods divided among 14 categories. Its goods serve hotels, restaurants, and the catering industry in addition to areas including drinkware, opalware, kitchen equipment, cleaning supplies, bathroom accessories, and sanitizers.
According to the company’s website, it is one of the top exporters of domestic goods and provides the biggest retail chains worldwide. According to the website, it has 18 facilities, 2.6 million square feet of industrial space, 9,000 factory employees, 450 corporate staff members, and 1,200 sales personnel. It is distributed by more than 300 distributors and is available in around 30,000 retail locations.
