Subscription demand for IPO-bound Cello continued to witness a decent response from the investors on the second day of the bidding process amid muted market mood, while we expect a good amount of traction from QIB & NII categories on the last day of the subscription tomorrow. The IPO has already drawn strong interest from 39 anchor investors, including Morgan Stanley, Goldman Sachs, and Nomura among others. On valuation per se, the issue is reasonably priced at the upper end of the price band of Rs 648 by looking at the expected revenue and profit growth. Cello World’s strengths, product portfolio, and distribution network positions the company as an attractive investment opportunity. Hence, we continue to recommend investors to "SUBSCRIBE” to the Cello World Ltd IPO offer with a long-term perspective.