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Shares of 11-year-old Accent Microcell Limited on Friday made a strong debut at the NSE-Emerge, a SME platform. In comparison to the IPO price of ₹140, the stock was listed at ₹300 and closed ₹315, a gain of 125 per cent over the issue price. During the day, it hit a low of ₹285. In all, 29 lakh shares changed hands on the counter.
The IPO, which hit the market between December 8 and 12 through the NSE Emerge platform, was subscribed a whopping 362 times. The company has fixed the price at ₹140, the upper end of the price band of ₹133-140 for its ₹10 face value share.
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The Ahmedabad-based manufacturer and exporter of pharmaceutical excipients came out with an IPO size of ₹78.40 crore that received bids worth ₹18,900 crore.
While the qualified institutional buyer portion was subscribed 119 times, the HNI/NII quota was subscribed 577 times and the retail individual investors quota by 410 times.
The IPO consisted of a fresh issue of 56 lakh equity shares with a face value of ₹10 through the book-building route.
Accent Microcell Ltd plans to utilise ₹54.39 crore out of the net proceeds to establish a new plant at Navagam Kheda, Gujarat, for manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate (SSG), and Carboxymethylcellulose (CMC), which is expected to be commercialised by April 2025.
The remaining funds will be used 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.
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With two modern manufacturing facilities—Pirana (Unit-I) and Dahej SEZ (Unit-II)—the company serves various categories of clients from different industries. With the addition of 2,400 tonnes to its current annual total installed capacity of 8,000 tonnes, the company plans to increase its cumulative annual capacity to 10,400 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 the clients in untapped regions
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