Comments
Initial public offerings in SMEs continue to enthral investors. This time, it is the turn of 11-year-old Accent Microcell Limited, which hit the market between December 8 and 12 through the NSE Emerge platform.
The IPO of the Gujarat-based company was subscribed a whopping 362 times. The Ahmedabad-based manufacturer and exporter of pharmaceutical excipients came out with an IPO size of ₹78.40 crore that saw an overwhelming response of nearly ₹18,900 crore.
Among the SME IPOs that attracted an overwhelming interest were Kahan Packaging (730 times), Net Avenue Technologies (475 times), Srivari Spices (418 times), Madhusudan Masala (413 times), and Maitreya Medicare (410 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.
- Also read: Pharma firm Accent Microcell plans SME IPO
It came out with a price band of ₹133-140 a share with a face value of ₹10 apiece. 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 Limited plans to utilise ₹54.39 crore out of 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.
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.