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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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Cello World Limited is an Indian consumer products company established in 1962, operating primarily from Daman with a corporate office in Mumbai. The group manufactures and markets a wide portfolio of everyday household and personal-use products, organized broadly across three business lines: consumer housewares (covering melamine and thermoware articles, kitchen appliances and glassware), writing instruments and stationery, and moulded furniture and allied plastic products. The company runs a network of 13 manufacturing facilities spread across five locations in India, supporting a catalog of roughly 15,800 to 15,900 stock keeping units. It sells through a large national distribution setup backed by several hundred dedicated sales and distribution personnel, giving it wide reach across both organized and unorganized retail channels in India. Over the three years leading up to its public listing, the company's revenue grew from about Rs 1,060 crore in FY21 to roughly Rs 1,813 crore in FY23, with profit after tax rising from around Rs 166 crore to about Rs 285 crore over the same period. The Rs 1,900 crore initial public offer was structured entirely as an offer for sale by existing shareholders, meaning the company itself did not receive fresh capital from the issue; proceeds went to the selling shareholders, principally members of the promoter Rathod family. The stock debuted on NSE and BSE in November 2023 at a premium to its issue price. Cello World's scale of manufacturing, breadth of product categories and long operating history in the Indian consumer housewares space position it as one of the more established diversified consumer products manufacturers to list on the Indian exchanges.
Ahead of the public issue, Cello World raised approximately Rs 567 crore from anchor investors at the IPO price of Rs 648 per share, with participation from a number of well-known domestic and foreign institutional investors including Goldman Sachs, Nomura, Morgan Stanley and HSBC-affiliated funds among others.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Strengths are not available
Raw material price exposure
A meaningful share of input costs comes from plastics, glass and other raw materials whose prices can swing with commodity markets, which can pressure margins if costs rise faster than the company can pass them through.
Brand ownership and licensing structure
Certain rights to the Cello brand name are held outside the listed entity and used under licensing or family arrangements, which could create dependency and potential conflicts around brand usage over time.
Reliance on third-party manufacturing
Part of the product range is sourced through third-party or job-work manufacturers, so any disruption at these partners could affect supply and product availability.
Dependence on distribution network
A large part of sales flows through an extensive distributor and retailer network, making the business sensitive to changes in channel relationships or shifts in trade terms.
Capacity utilization risk
Maintaining high utilization across 13 manufacturing units is important to cost efficiency; a slowdown in demand or operational disruption at any facility could hurt unit economics.
MUFG Intime India Private Limited
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