Cello World Launches QIP To Raise Rs 775 Crore

Cello World Ltd. has launched a qualified institutional placement to raise Rs 775 crore after its QIP committee approved the proposal in a meeting, according to an exchange filing.

The company plans to issue 86.5 lakh equity shares with a floor price of Rs 896.90 apiece, a discount of 6.7% from the previous close. The company said that it might offer a discount of not more than 5% on the floor price for the issue. The committee approved the opening of the issue on Wednesday.

Cello World was listed on the exchanges on Nov. 6 last year when it raised nearly Rs 1,900 crore through its initial public offering.

Cello World primarily deals in three categories: stationery and writing instruments, molded furniture, consumer housewares, and associated goods.

Shares of the company closed 6.55% higher at Rs 960.10 apiece, compared to a 0.67% advance in the benchmark NSE Nifty 50.