The scrip was listed at Rs 300, a premium of 114.29% over the initial public offer (IPO) price.
The counter hit a high of Rs 315 and a low of Rs 285. About 28.69 lakh shares of the company changed hands at the counter.
The initial public offer (IPO) of Accent Microcell was subscribed 241.05 times. The issue opened for bidding on Friday, (8 December 2023) and closed on Tuesday, (12 December 2023). The price band of the IPO is fixed between Rs 133 to 140 per share. The minimum order quantity is 1,000 equity shares. The equity shares are proposed to be listed on the SME Platform of National Stock Exchange of India (NSE EMERGE).
The IPO comprises fresh issue of 56,00,000 shares. The promoter and promoter shareholding will dilute to 53.67% from 73.13% pre-IPO.
The company intends to utilize the net proceeds for setting up a plant for manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate and Carboxymethylcellulose (CMC) and general corporate purpose.
Accent Microcell manufactures microcrystalline cellulose (MCC). MCC is an odourless, fine white powder & a purified form of cellulose, which is derived from refinement of highly purified wood pulp. It is widely used as texturizer, anticaking agent, binder, lubricant, a bulking agent, diluent which finds a wide range of applications in pharmaceutical, nutraceutical, food, cosmetic and other industries. It manufactures 22 grades of MCC, with particle sizes ranging from 20 microns to 180 microns. The major grades of MCC manufactured and marketed by the company are branded under the name “accel”. Besides “accel” it also sells products under the name “acrocell”, “maccel” and “Vincel”. As on 30 September 2023, the company has total 173 employees on payroll basis and 161 employees on contract basis.
The company recorded revenue from operations of Rs 58.80 crore and net profit of Rs 7.05 crore for the period as on 30 June 2023.