Cellecor Gadgets Limited, a prominent player in India's consumer electronics industry, successfully closed its initial public offering (IPO) on September 20, 2023. The company aimed to raise around Rs 50.77 crores through the IPO. The offering was subscribed 116.33 times, with the price band set between Rs 87 and Rs 92 per share. The company's shares will be listed on the NSE SME.
The IPO marks a significant step for Cellecor Gadgets, which was established in 2020. As per the company's statement last Friday, this IPO is a "historic milestone" as it is the first in India's consumer electronics sector. The company boasts more than 1,200 service centers and over 800 distributors across India, with its products available in over 24,000 retail stores reaching more than 100 million users nationwide.
In other IPO news, Kontor Space Ltd announced on Tuesday that it has set the price band for its Rs 15.62 crore initial share sale at Rs 93 apiece. The public subscription will open on Wednesday and conclude on October 3, with the shares to be listed on the SME EMERGE platform of the National Stock Exchange (NSE).
Kontor Space Ltd plans to use the proceeds from the issue to pay rental deposits of new co-working centers, capital expenditure for fit-outs of new co-working centers, and for general corporate purposes. The IPO consists of a fresh issuance of up to 16.80 lakh equity shares at a face value of Rs 10 each.
"The capital from this IPO will empower us to expand and refine our services, ensuring we continue to meet the evolving needs of the industry and our clients," said Kanak Mangal, Promoter of Kontor Space Ltd.
Incorporated in 2018, Kontor Space Ltd is a "space-as-a-service" solutions company that manages over 46,000 sq ft of co-working spaces, accommodating more than 1,200 seats and serving over 150 clients in Thane, Pune, Fort, and BKC (Mumbai). The company reported a revenue of Rs 9.18 crore and a profit after tax of Rs 1.88 crore in FY23.
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