by Suman Gupta
- Prominent investors, including Meru Investment Fund PCC – CELL I, Negen Undiscovered Value Fund, Zinnia Global Fund PCC – CELL DEWCAP Fund, Silver Stallion Limited, Vikasa India EIF I Fund – Incube Global Opportunities participated in the anchor book subscription
- Raises Rs. 22.34 crore from the sale of 15.96 lakh equity shares with a face value of Rs. 10 at Rs. 140 per share
- IPO proceeds to be used for establishing a new plant at Navagam Kheda, Gujarat, India
- Issue opens today, December 8, 2023 and closes on December 12, 2023
- Corporate Capital Ventures Private Limited is the Book Running Lead Manager to the Issue
December 08, 2023: Accent Microcell Limited, a leading manufacturer and exporter of cellulose-based pharmaceutical excipients, has successfully completed its Anchor book subscription, raising Rs. 22.34 crore from the sale of 15.96 lakh equity shares at Rs. 140 each. A clutch of marquee investors, including Meru Investment Fund PCC – CELL I, Negen Undiscovered Value Fund, Zinnia Global Fund PCC – CELL DEWCAP Fund, Silver Stallion Limited, Vikasa India EIF I Fund – Incube Global Opportunities subscribed to the anchor book.
| Name of the Anchor Investor | No. of Equity Shares allocated (at Rs. 140 each) | No. of Equity Shares allocated as a % of Anchor Investor portion |
| Meru Investment Fund PCC – CELL I | 7,15,000 | 44.80 |
| Negen Undiscovered Value Fund | 3,00,000 | 18.80 |
| Zinnia Global Fund PCC – CELL DEWCAP Fund | 2,50,000 | 15.66 |
| Silver Stallion Limited | 1,70,000 | 10.65 |
| Vikasa India EIF I Fund – Incube Global Opportunities | 1,61,000 | 10.09 |
| Total | 15,96,000 | 100.00 |
While Meru Investment Fund PCC – CELL I contributed to 44.80% of the total anchor book subscription, Negen Undiscovered Value Fund subscribed 18.80%, the remaining 36.4% of the anchor book was shared by Zinnia Global Fund PCC – CELL DEWCAP Fund (15.66%), Silver Stallion Limited (10.65%) and Vikasa India EIF I Fund – Incube Global Opportunities (10.09%).
The IPO of the Ahmedabad-based company begins today, December 8, and will conclude on Tuesday, December 12, 2023. Accent Microcell is looking to raise approximately Rs. 78.40 crores from the offering to establish a new plant at Navagam Kheda, Gujarat, India, for manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate (SSG) and Carboxymethylcellulose (CMC), which is expected to be commercialised by April 2025. The company aims to be listed with NSE Emerge.
The price band of the issue is Rs. 133-140 per equity share with a face value of Rs. 10 apiece. The company’s IPO comprises a fresh issue of 56 lakh Equity Shares (Face Value Rs. 10/-) through the book-building route. The company has appointed Corporate Capital Ventures Private Limited as the Issue’s Book Running Lead Manager.
The company has allotted 15.96 lakh equity shares for the Anchor portion, 2.8 lakh equity shares for Market Maker, 10.64 lakh equity shares for the QIB portion, 7.98 lakh equity shares allocated for NIIs, and Retail (RII) portion accounts for 18.62 lakh equity shares. The lot size is 1,000 shares.
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 state-of-the-art manufacturing facilities located in Pirana (Unit-I), and Dahej SEZ (Unit-II), the company serves various categories of clients from different industries. With the addition of 2,400 metric tonnes to its current annual total installed capacity of 8,000 metric tonnes, the company plans to increase its cumulative annual capacity to 10,400 metric 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 clients in untapped regions.
