Casserole King: Casserole king enters billionaire club after IPO | India News
On November 6 as Cello World, a Mumbai-based maker of housewares known for its range of casseroles, made its stock market debut after its successful maiden public offer, it notched up a market value of over Rs 16,800 crore. As the stock rose 22% on its debut, it made Pradeep Rathod, the 58-year-old chief promoter of the company, a billionaire.
At Friday’s close, the company that sells its products under the ‘Cello’ brand name, had a market value of Rs 16,733 crore. And Rathod, who, together with other family members, holds a little over 78% in the company, is now worth about Rs 13,000 crore or $1.6 billion.
Rathod is a seasoned professional with over 40 years of experience in manufacturing and trading plastic and thermoware articles, as well as raw materials. The company was started by his father Ghisulal Rathod, and all through its journey Pradeep Rathod has played a pivotal role as one of its directors. His son Gaurav, and younger brother Pankaj, are also on the board and serve as joint MDs.
Ghisulal started with polyvinyl carbonate (PVC) footwear and bangle manufacturing in Goregaon, Mumbai in 1967. He launched Cello casseroles in the late 1980s after a trip to the US, where he observed people stored their food in small round-shaped plastic containers that preserved the warmth of the perishable items. From casseroles, the company then diversified into other products such as plastic furniture, cookware and kitchen appliances.
This is the second company by the same group to be listed on the bourses. Wim Plast, the first listed company floated by the same promoters which is into plastic products, has a market cap of about Rs 700 crore.
On the successful listing of Cello World, analysts said that it showed quality companies receive good interest. HDFC Securities retail research head Deepak Jasani attributed the listing success to improved sentiments in the market towards mid-cap stocks and great timing. “Indians are prepping to celebrate the Diwali festival and sales of consumer houseware peaks in this period,” Jasani was quoted as saying in Forbes.
Beyond business, Pradeep Rathod serves as a trustee for the Badamia Charitable Trust, dedicated to social and philanthropic activities. Additionally, he holds the position of president at the JITO Administrative Training Foundation.