Accent Microcell files for IPO

New Delhi: Pharma company Accent Microcell on Monday said it has filed draft papeRswith 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 Rs10 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 Rs48.39 crore in the current financial year and Rs6 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.