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 Indian kitchenware products maker Cello World's initial public offering (IPO) was oversubscribed by nearly 40 times, higher than similar IPOs recently, inviting bids worth 556.19 billion rupees ($6.7 billion), exchange data showed on Wednesday.

Investors bid for more than 858.3 million shares, compared with the 22 million shares on offer, with institutional investors showing the most interest, the data showed.

"Despite markets being on weaker note, Cello World offer received an overwhelming response, although retail investors remained cautious as IPO has only an offer for share sale from existing stakeholders," said Prashant Tapse, senior vice president (research) at Mehta Equities.

Cello World's shareholders -- including its promoters, an Indian market term for large shareholders who can influence company policy -- are selling stock worth 19 billion rupees in the IPO, while the company itself if not offering any shares.

Other IPOs where the company did not sell shares have seen tepid interest. For example, the IPOs of Blue Jet Healthcare, Mankind Pharma and Concord Biotech were oversubscribed 7-27 times.

Cello World has set a price band of 617-648 rupees per share for the IPO. At the top end, it will be valued at 137.53 billion rupees, three times rival Borosil's market value and nearly seven times that of Stovekraft and Butterfly Gandhimathi Appliances.

"On valuation, it seems the issue is reasonably priced, reflecting an expected revenue and profit growth," said Tapse.

The company's consolidated net profit jumped 25.2% year-over-year to 774.4 million rupees in the quarter ended June 30, while revenue rose 9%.

In that same period, Borosil's profit shrunk 62.5% due to higher raw material costs, while revenue climbed 16%.

Cello World is expected to list on the stock exchanges on Monday.

Kotak Mahindra Capital and ICICI Securities were among the lead IPO's managers. ($1 = 83.2840 Indian rupees)