Accent Microcell files draft papers with NSE Emerge to float public offer

Pharma company Accent Microcell on Monday said it has filed draft papers with NSE Emerge to raise funds through an initial public offering (IPO).

The offering consists of a fresh issuance of 56 lakh equity shares with a face value of Rs 10 for each share, the Ahmedabad-based company said in a statement.

Proceeds from the issue will be used to invest in setting up a new plant at Navagam Kheda in Gujarat. It already operates two plants with a total installed capacity of 8,000 metric tonnes per annum.

Out of the total proceeds from the fresh issue, the company proposes to invest Rs 48.39 crore in the current financial year and Rs 6 crore in FY25 towards the establishment of Unit-III.

Accent Microcell manufactures Microcrystalline Cellulose (MCC), which is widely used as a texturizer, anticaking agent, binder, lubricant, bulking agent, and diluent with an extensive range of applications in pharmaceutical, nutraceutical, food, cosmetic and other industries.

The firm registered a revenue of Rs 204.19 crore in 2022-23 (FY23), up from Rs 165.71 crore in FY22 and its profit after tax (PAT) more than doubled to Rs 13.01 crore in FY23 from Rs 5.89 crore in the preceding financial year.

Corporate Capital Ventures has been appointed as the book running lead manager to the issue. Post-IPO, the company will list shares on NSE's SME segment Emerge.