The debut of Accent Microcell on NSE SME has been remarkable, with its share price soaring to ₹300, a substantial 114.3% increase over the IPO issue price of ₹140. The IPO subscription window was from December 8 to December 12, with a price band of ₹133 to ₹140 and a lot size of 1,000 shares.
Accent Microcell Limited specializes in manufacturing premium cellulose-based excipients, catering primarily to the food, cosmetic, nutraceutical, and pharmaceutical industries. The company is known for producing high-quality cellulose-based excipients that meet global standards, operating from advanced manufacturing sites in Dahej SEZ (Bharuch) and Pirana Road (Ahmedabad).
In terms of IPO details, Accent Microcell’s IPO is valued at ₹78.40 crores, entirely through a fresh issue of 5,600,000 equity shares. There is no Offer for Sale (OFS) component. The allocation includes portions for anchor investors, market makers, Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), and Retail (RII) investors.
The net proceeds from the IPO, amounting to ₹54.39 crores, are earmarked for constructing a new plant in Navagam Kheda, Gujarat, India. This facility is expected to commence commercial operations by April 2025 and will focus on the production of carboxymethylcellulose (CMC), sodium starch glycolate (SSG), and croscarmellose sodium (CCS).
The book running lead manager for Accent Microcell IPO is Corporate Capitalventures Pvt Ltd, and Kfin Technologies Limited is the registrar. Prabhat Financial Services serves as Accent Microcell’s market maker.
Notably, the Grey Market Premium (GMP) for Accent Microcell IPO is currently at +203. This indicates a substantial premium of ₹203 in the grey market, suggesting that investors are willing to pay more than the issue price for Accent Microcell shares.
At the upper end of the IPO price band, considering the GMP, the estimated listing price is projected to be ₹343 per share, marking a significant 145% increase over the IPO price of ₹140. In essence, the “grey market premium” reflects the willingness of investors to pay a premium beyond the official issue price, indicating strong demand and positive sentiment in the market for the company’s shares.
