简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:BENGALURU, Nov 6 (Reuters) - Shares of Indian kitchenware products maker Cello World (CELO.NS) rose
BENGALURU, Nov 6 (Reuters) - Shares of Indian kitchenware products maker Cello World (CELO.NS) rose as much as 29.2% in their trading debut on Monday, valuing the company at 177.72 billion rupees ($2.14 billion).
The stock climbed to a high of 837.40 rupees in early trade after opening at 829 rupees and has so far in the session stayed above its initial public offer (IPO) price of 648 rupees.
Last week, the companys IPO received strong interest from investors who oversubscribed its shares on offer by 38.9 times, bidding for more than 858.3 million shares, exchange data showed.
\“Despite the premium valuation, the IPO received a positive response from investors due to the companys strong brand recognition and pan-India presence,\” said Shivani Nyati, Head of Wealth, Swastika Investmart, adding that after a strong listing, investors may book profit.
The Mumbai-based companys smaller rivals like Stovekraft (STVE.NS) and Butterfly Gandhimathi Appliances (BUTT.NS) have a market value of 17.05 billion rupees and 19.47 billion rupees, respectively.
Cello Worlds shareholders, including its promoters- an Indian market term for large shareholders who can influence company policy- are selling stock worth 19 billion rupees in the IPO, while the company itself is not offering any shares.
The company, which also makes products like dinnerwares, drinkwares and cleaning supplies, joins a host of successful debutantes in the past few months such as Mankind Pharma (MNKI.NS) and Concord Biotech (CONB.NS), helped by robust investor appetite that has also powered the blue-chip stock market index to a record high.
As of October end, 173 Indian companies have gone public, raising $4.46 billion, compared with 115 companies that raised $6.06 billion in the same period last year, according to LSEG data.
($1 = 83.1600 Indian rupees)
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.