Accent Microcell Limited stock makes stellar debut on NSE Emerge; lists at 114% premium over IPO price
Telugu super news,Hyderabad, December 15,2023:Accent Microcell Limited, a leading manufacturer and exporter of pharmaceutical excipients, today made a stellar debut on the NSE Emerge platform. The stock was listed at Rs. 300, at a whopping 114% premium over the fixed price band of Rs.140. Earlier, the issue received a fabulous response from the investors as it recorded 362 times subscriptions till the final day of bidding on December 12.
The IPO comprised of fresh issue of 56 lakh Equity Shares with a face value of Rs. 10/- through the book-building route.Corporate Capital Ventures Private Limited is the Book Running Lead Manager to the issue.
Marquee investors, including Meru Investment Fund PCC – CELL I, Negen Undiscovered Value Fund, Zinnia Global Fund PCC – CELL DEWCAP Fund, Silver Stallion Limited, Vikasa India EIF I Fund – Incube Global Opportunities subscribed to the company’s anchor book. The company has allotted 15.96 lakh equity shares for the Anchor portion, 2.8 lakh equity shares for Market Maker, 10.64 lakh equity shares for the QIB portion, 7.98 lakh equity shares allocated for NIIs, and Retail (RII) portion accounts for 18.62 lakh equity shares.
Out of the total proceeds of Rs. 78.40 crore, Accent Microcell Limited plans to utilise Rs. 54.39 crore 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.
For more information, please visit: www.accentmicrocell.com