Leading cellulose-based pharmaceutical excipients manufacturer, Accent Microcell, has announced the opening of its Initial Public Offering (IPO) on December 8, with the price band set between Rs 133 and Rs 140 per share. The public issue, conducted through the book-building route, comprises a fresh issue of 56 lakh Equity Shares with a face value of Rs 10/-. The company plans to raise approximately Rs 78.40 crores from the IPO and aims for listing on NSE Emerge. The Anchor portion will open on December 7, and the issue will conclude on December 12.
Utilizing Proceeds for Expansion in Gujarat
Accent Microcell intends to utilize Rs 54.39 crores from the net proceeds to establish a new plant at Navagam Kheda, Gujarat, India. The plant will focus on manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate (SSG), and Carboxymethylcellulose (CMC), with commercialization expected by April 2025.
Diverse Excipient Production Portfolio
The company, known for its production of Microcrystalline Cellulose (MCC), also manufactures other excipients such as Croscarmellose Sodium (CCS) and Magnesium Stearate (MS). MCC finds applications in pharmaceutical, nutraceutical, food, cosmetic, and other industries.
Strong Financial Performance and Growth Plans
Accent Microcell reported a revenue of Rs 58.81 crores in Q1 of FY24, with a notable FY23 revenue of Rs 204.19 crores. The company’s Profit After Tax (PAT) more than doubled to Rs 13.01 crores in FY23, reflecting robust financial performance. The IPO structure includes allocations for Anchor, Market Maker, QIB, NIIs, and Retail (RII) portions.
