Accent Microcell files DRHP with SEBI
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Accent Microcell has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) 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.
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. Corporate Capital Ventures has been appointed as the book running lead manager to the issue. The equity shares of the company will be listed on NSE's SME segment Emerge.
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.
