Cello World hits life high on launching QIP at floor price of Rs 896.09/sh

Cello World advanced 3.19% to Rs 992.05 after its board approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 896.09 per share.

The company's board authorized and declared the opening of the issue on Wednesday, 3 July 2024.

The floor price of Rs 896.09 is at a discount of 6.79% to the previous day's closing price of Rs 961.40 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue

The issue price will be determined by the company in consultation with the book running lead managers appointed for the Issue.

Cello World is a prominent player in the consumerware market in India with presence in the consumer houseware, writing instruments and stationery, and moulded furniture and allied products and consumer glassware categories. The company operates 13 manufacturing facilities across five locations in India and are currently establishing a glassware manufacturing facility in Rajasthan.

The companys consolidated net profit stood at Rs 96.11 crore and the revenue from operations stood at Rs 512.47 crore in Q4 FY24.

The counter hit an all time high of Rs 1,024.50 in today's intra-day session.

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