HomeBusinessCellecor Gadgets IPO To Open From September 15-20 With Fixed Price Band of Rs 87-92 per Share

Cellecor Gadgets IPO To Open From September 15-20 With Fixed Price Band of Rs 87-92 per Share

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India-based consumer electronics brand, Cellecor Gadgets has announced to launch of its initial public offering (IPO) from September 15, 2023, to September 20, 2023, at a fixed price band of Rs 87-92 per equity share.

The IPO comprises the sale of 55.18 lakh fresh equity shares, each with a face value of Rs 10, amounting to a total of Rs 50.77 crore. The lot size for this IPO is fixed at 1,200 equity shares, with each lot priced at Rs 1,10,400 at the upper end of the price band. Retail investors are eligible to apply for a single lot, while non-institutional investors have the option to bid for at least two lots.

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To cater to different investor categories, Cellecor Gadgets has allocated 50 percent of the IPO offer to qualified institutional bidders (QIBs), while 15 percent of equity shares are reserved for non-institutional investors. Retail investors will have access to the remaining 35 percent of the offering.

Speaking about the announcement, Ravi Aggarwal, Founder of Cellecor Gadgets, said, “Cellecor Gadgets has embarked on an incredible journey, and this IPO marks a significant milestone in our growth story. We are committed to providing innovative and affordable electronic products to consumers across India. The funds raised through this IPO will enable us to further expand our presence and enhance our offerings in the market.”

The proceeds from the IPO will be utilized to meet the company’s working capital requirements, and general corporate needs, and to cover issue-related expenses. It’s worth noting that 2.76 lakh equity shares have been set aside for market maker portions, with SS Corporate Securities and Kantilal Chhaganlal Securities serving as the market makers for the offering.

For the fiscal year ending on March 31, 2023, Cellecor Gadgets reported a net profit of Rs 7.97 crore, with a revenue of Rs 264.37 crore. In the previous fiscal year ending March 2022, the company achieved a net profit of Rs 2.14 crore with revenue from operations totaling Rs 121.29 crore.

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Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.
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