Accent Microcell Limited IPO gets overwhelming response from investors; records 362 times subscription

Telugu super news,Hyderabad, December 13, 2023: The Initial Public Offer (IPO) of Accent Microcell Limited received an overwhelming response from the investors as it recorded 362 times subscription till the final day of bidding. The Ahmedabad-based manufacturer and exporter of pharmaceutical excipients aimed to raise Rs. 78.40 crores from the issue that was floated between December 08 – 12.

CategoryNo of Equity SharesNumber of shares bidSubscription (No of Times)

While the Qualified Institutional Buyer (QIB) portion of the issue was subscribed 119 times, the HNI/NII quota was subscribed 577 times and the Retail Individual Investors (RII) quota was subscribed 410 times, bringing the overall subscription to 362 times till the final day of bidding on Tuesday, December 12, 2023.

The price band of the issue is fixed at Rs. 133-140 per equity share with a face value of Rs. 10 apiece. The IPO comprised of fresh issue of 56 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. The minimum lot size for the application is 1,000 shares. The company is proposed to be listed on NSE Emerge.

Corporate Capital Ventures Private Limited is the Book Running Lead Manager to the issue.

Accent Microcell Limited plans to utilise Rs. 54.39 crores out of net proceeds from the offering to establish a new plant at Navagam Kheda, Gujarat, India, for manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate (SSG) and Carboxymethylcellulose (CMC), which is expected to be commercialised by April 2025. It plans to use the remaining funds for general corporate purposes.

Incorporated in 2012, Accent Microcell has successfully developed a resilient manufacturing infrastructure, supported by an efficient supply chain that caters to the needs of various Indian and global customers. With two state-of-the-art manufacturing facilities located in Pirana (Unit-I), and Dahej SEZ (Unit-II), the company serves various categories of clients from different industries.

With the addition of 2,400 metric tonnes to its current annual total installed capacity of 8,000 metric tonnes, the company plans to increase its cumulative annual capacity to 10,400 metric tonnes, including all range of excipients category (including premium excipients products). The expansion of capacity will enable the company to deliver products that are specifically tailored to customer needs. In addition to the existing customer base, the company will cater to clients in untapped regions.

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