Corporate Feature     

Published: September 15, 2023
Updated: September 15, 2023

Cellecor Gadgets

Rs. 14.50 cr. raised from anchor investors: IPO to close on Sept. 20

Cellecor Gadgets, a consumer electronics brand, has come out with its initial public offering (IPO), with bidding opening on September 15 and closing on September 20, at a fixed price band of Rs 87-92 per equity share. Narnolia Financial Services is the book running lead manager and Skyline Financial Services is the registrar to the issue.

Ahead of its IPO, the company has allotted 15,72,000 shares to anchor investors – India Ahead Venture Trust, Founders Collective Fund, Meru Investment Fund PCC-CELL 1, and AG Dynamics -- at a price of Rs 92 per share.

The IPO issue comprises the sale of 55.18 lakh fresh equity shares, each with a face value of Rs 10, totalling Rs 50.77 crore. The company’s shares are proposed to be listed on the NSE Emerge Platform (SME). The lot size for the IPO is set at 1,200 equity shares, with each lot priced at Rs 1,10,400 at the upper end of the price band. Retail investors will be eligible to apply for a single lot, while non-institutional investors have the option to bid for at least two lots.

The proceeds from the IPO will be used towards fulfilling the company’s working capital requirements, general corporate purposes, and covering issue-related expenses. Notably, 2.76 lakh equity shares have been reserved for market-maker portions, with SS Corporate Securities and Kantilal Chhaganlal Securities serving as the market makers for the offering.

IN THE RED

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

According to the company, presently the top revenue contributors for the brand are mobile phones (47% of revenue), hearables/wearables (23% of revenue), and accessories.

Ravi Agarwal is the founder and CEO. He is a first-generation entrepreneur and has pursued Economics (honours) from Delhi University. He has more than 12 years of experience in the telecom industry. He founded the company in 2010 with the goal of making quality gadgets available at pocket-friendly rates for consumers.

WIDE NETWORK

Formerly known as Unitel Info, Cellecor Gadgets was created in 2020. The company is engaged in the procurement, branding and distribution of a wide range of electronic products, including Smart Televisions, truly wireless earbuds, smart wearables, mobile phones, mobile accessories and neckbands. Currently, Cellecor Gadgets has a network of more than 1,200 service centres and over 800 distributors. Also, it has a presence in over 24,000 retail stores and on online platforms like Amazon and Flipkart.

Cellecor Gadgets is a fast-growing consumer electronics brand based in India. With a focus on innovation, style and quality, it aims to enhance the digital lifestyles of consumers through its wide range of electronic products. The company is committed to delivering exceptional products that combine cutting-edge technology with user-centric design.