Cellecor Gadgets
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Sep 2023 – 20 Sep 2023
- Listing date
- 28 Sep 2023
- Face value
- ₹10 per share
- Issue price
- ₹92 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹50.77 Cr
- Market cap at offer price
- ₹193 Cr
- Promoter holding
- 69.95% → 51.54% pre-issue → post-issue
- ISIN
- INE0OMO01017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Unit No.703, 7th Floor, Jaksons Crown Heights, Plot No.3BI Twin District Centre, Sector 10 Rohini, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,72,000 | — | — |
| Market maker | 2,76,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹92
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,10,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,20,800 |
| S-HNI (max) | 9 | 10,800 | ₹9,93,600 |
| B-HNI (min) | 10 | 12,000 | ₹11,04,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.84 | — |
| P/E (×) | 13.45 | — |
| Market cap | — | ₹193 Cr |
Key performance indicators
- Return on net worth
- 57.71%
- ROCE
- 63.88%
- Debt / equity
- 1.51
- PAT margin
- 3.02%
- NAV per share
- ₹11.86
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Cellecor Gadgets
Cellecor Gadgets Limited, incorporated on December 31, 2020, took over the business of M/s Unity Communications (established in 2010 as a sole proprietorship by founder Ravi Agarwal) which was engaged in trading, assembling, and servicing of telecom and electronics products. The company operates through three business verticals: Entertainment and Communication (TVs, sound systems, mobile phones), Peripherals (TWS earbuds, neckbands, smartwatches), and Modern Accessories (power banks, chargers, cables). It has built a pan-India presence with 1200+ service centers, 800+ distributors, and 24,000+ retail touchpoints serving 100 million users. The company procures products from manufacturers, applies its brand, and distributes through direct distributors (96.74% of FY2023 sales) and e-commerce channels. Revenue grew from Rs. 121.29 crores in FY2022 to Rs. 264.35 crores in FY2023.
Company Analysis
from RHPCellecor Gadgets Limited is a B2C electronics company engaged in the procurement, branding, and distribution of televisions, mobile phones, smart wearables, mobile accessories, and smartwatches under the CELLECOR brand across India.
Cellecor Gadgets Limited, incorporated on December 31, 2020, took over the business of M/s Unity Communications (established in 2010 as a sole proprietorship by founder Ravi Agarwal) which was engaged in trading, assembling, and servicing of telecom and electronics products. The company operates through three business verticals: Entertainment and Communication (TVs, sound systems, mobile phones), Peripherals (TWS earbuds, neckbands, smartwatches), and Modern Accessories (power banks, chargers, cables). It has built a pan-India presence with 1200+ service centers, 800+ distributors, and 24,000+ retail touchpoints serving 100 million users. The company procures products from manufacturers, applies its brand, and distributes through direct distributors (96.74% of FY2023 sales) and e-commerce channels. Revenue grew from Rs. 121.29 crores in FY2022 to Rs. 264.35 crores in FY2023.
Objects of the Issue
- Working Capital Requirement Rs. 4,000.00 lakhs p.70
- General Corporate Purposes Not exceeding 25% of Net Proceeds p.76
- Issue Expenses Rs. 13.83 lakhs p.17
Issue Structure
- Total Issue
- 55,18,800 Equity Shares
- Fresh Issue
- 55,18,800 Equity Shares of face value of Rs.10/- each
- Offer for Sale
- NIL
- Price Band
- Floor Price: Rs. 87 per Equity Share; Cap Price: Rs. 92 per Equity Share
- Lot Size
- 1,200 Equity Shares and in multiples of 1,200 Equity Shares thereafter
- Face Value
- Rs. 10 per Equity Share
Business Model
The company earns revenue through the procurement and branding of consumer electronics and accessories, which are then distributed through a network of 800+ distributors and 24,000+ retailers. 96.74% of FY2023 revenue came from direct distributor sales, with 3.26% from e-commerce platforms (Amazon, Flipkart). The company does not own manufacturing facilities but works with contract manufacturers who hold BIS certifications. It has established warehousing hubs in Delhi, Assam, Uttar Pradesh, Karnataka, Maharashtra, Madhya Pradesh, and West Bengal to support its distribution network.
Business Segments
SWOT Analysis
- • Experienced founder with 12+ years in telecom sector(p.111)
- • Strong internal R&D team with 50+ engineers(p.112)
- • Pan-India distribution with 800+ distributors and 24,000+ retailers(p.110)
- • Extensive warehousing infrastructure across 9 locations(p.110)
- • Heavy reliance on limited number of key suppliers—top supplier represents 40% of purchases(p.21)
- • No in-house manufacturing capacity—entirely dependent on third-party manufacturers(p.27)
- • Negative operating cash flow—company burned cash in operations(p.35)
- • High concentration in direct distribution channel—96.74% of FY 2023 revenue(p.25)
- • Promoter tax litigation—6 tax cases against promoter totaling Rs 2,84,771(p.20)
- • Massive addressable market in Tier 3 & 4 cities with smartphone penetration growing(p.96)
- • Plan to launch white goods (washing machines, microwaves, trimmers)(p.124)
- • Expansion into owned manufacturing to reduce costs and increase margins(p.125)
- • Growing e-commerce channel—online sales grew from 3% (FY23) to targeted 15-20% by year-end(p.78)
- • Intense competition from established players with greater resources(p.22)
- • Rapid technological obsolescence—5G rollout threatens feature phone business(p.23)
- • Supply chain disruptions from manufacturing partner BIS certification cancellation(p.27)
- • Global economic slowdown reducing consumer demand(p.35)
- • Exchange rate fluctuations adversely impacting imported component costs(p.24)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ravi Agarwal | Promoter | 63.26% | 46.61% |
| Nikhil Aggarwal | Promoter | 4.69% | 3.46% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.