The scrip was listed at Rs 92, matching the initial public offer (IPO) price. The counter hit a low of Rs 88.15. About 17.02 lakh shares of the company changed hands at the counter.

The IPO of Cellecor was subscribed 77.43 times. The issue opened for bidding on 15 September 2023 and it closed on 20 September 2023. The price band of the IPO was fixed at Rs 87-92 per share.

The IPO comprised fresh issue of 55,18,800 shares. The promoter and promoter shareholding diluted to 51.54% from 69.95% pre-IPO.

The company intends to utilize the net proceeds for working capital requirement, general corporate purposes and issue expenses.

Cellecor Gadgets is engaged in the procurement, branding, and distribution of televisions, mobile phones, Smart Wearable, mobile accessories, smart watches, and neckbands. The company sells its products under flagship brand CELLECOR. The company has been able to build its presence in India by having more than 1200 service centres, 800 Distributor, and its products are also present at 24,000 retail store with more than 300 wide range of products.

The company recorded revenue from operations of Rs 264.35 crore and net profit of Rs 7.97 crore for the period as on 31 March 2023.

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