The initial public offering (IPO) of Cellecor Gadgets will open for subscription on Friday, September 15. The four-day bidding process will conclude on September 20, 2023 (Wednesday). The anchor book, a part of qualified institutional buyers, will open a day ahead of the issue opening on September 14.

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Here are 10 things to know about the offer—

1) The company will be selling its shares in the range of Rs 87-92 per share, and investors can bid for a minimum of 1,200 shares in one lot and in multiples of 1,200 shares thereafter.

2) According to market analysts, the current grey market premium (GMP) of Cellecor Gadgets is Rs 20 in the unlisted market. The grey market is an unofficial market wherein the IPO shares can be bought and sold till the listing.

3) Retail investors can bid for a single lot only, while non-institutional investors can apply for at least two lots. Retail investors can invest only Rs 1,10,400 for 1,200 shares, i.e. one lot, as they cannot exceed the investment limit of up to Rs 2 lakh, while HNIs can apply for a minimum of 2,400 shares worth Rs 2,20,800 as their minimum investment starts with Rs 2 lakh.

4) The IPO comprises of entirely a fresh equity offering 55.18 lakh equity shares with a face value of Rs 10 each, amounting to Rs 50.77 crore.

5) The Delhi-based electronic gadgets maker will utilise proceeds from the fresh issue for working capital requirement amounting to Rs 40 crore and the remaining for general corporate purposes and IPO-related expenses.

6) The company has reserved 2.76 lakh equity shares worth Rs 2.54 crore for the market maker. The remaining 52,42,800 shares come under the net issue component. SS Corporate Securities and Kantilal Chhaganlal Securities are the market makers for the issue.

7) About 50 percent of the net offer is set aside for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.

8) "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," said Ravi Aggarwal, Founder of Cellecor Gadgets.

9) Narnolia Financial Services is the sole manager to the issue, while Skyline Financial Services is the registrar. The company's shares are expected to get listed on emerge platform of the National Stock Exchange (NSE), with September 28, as the tentative date of listing.

10) For the fiscal year that ended on March 31, 2023, Ravi Agarwal-promoted Cellecor Gadgets has recorded a net profit of Rs 7.97 crore, and revenue from operations of Rs 264.35 crore. The company is engaged in the procurement, branding, and distribution of televisions, mobile phones, smart wearables, mobile accessories, smart watches, and neckbands, with a network of over 1,200 service centres, over 300 products, and 100 million users in India.

First Published:Sept 8, 2023 4:10 PM IST