Accent Microcell
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Dec 2023 – 12 Dec 2023
- Listing date
- 15 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹140 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹78.40 Cr
- Market cap at offer price
- ₹295 Cr
- Promoter holding
- 73.13% → 53.67% pre-issue → post-issue
- ISIN
- INE0Q5D01013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- 314, Shangrilla Arcade, Shyamal Cross Roads, Anandnagar Road, Satellite, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,96,000 | — | — |
| Market maker | 2,80,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.06 | — |
| P/E (×) | 13.92 | — |
| Market cap | — | ₹295 Cr |
Key performance indicators
- Return on net worth
- 29.44%
- ROCE
- 26.46%
- Debt / equity
- 0.52
- PAT margin
- 6.37%
- NAV per share
- ₹34.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Accent Microcell
Accent Microcell Limited, incorporated on April 10, 2012 as Accent Microcell Private Limited and converted into a public limited company in December 2022, is an Ahmedabad (Gujarat)-based manufacturer of high-quality cellulose-based excipients used predominantly in the Pharmaceutical, Nutraceutical, Food and Cosmetic industries. Its flagship product is Microcrystalline Cellulose (MCC) — a purified wood-pulp derivative sold in 22 grades (particle sizes 20–180 microns) under the 'accel', 'acrocell', 'maccel' and 'Vincel' brands — complemented by MCC Spheres, Silicified MCC (SMCC), Powdered Cellulose, Croscarmellose Sodium, Magnesium Stearate and co-processed MCC-with-CMC blends. The company operates two state-of-the-art plants — Pirana (Unit-I, serving mainly the domestic market) and Dahej SEZ (Unit-II, an export-oriented unit) — with a combined installed capacity of 8,000 metric tonnes per annum, and is setting up a third facility at Navagam Kheda (funded by this IPO) to manufacture CCS, SSG and CMC, taking total capacity to 10,400 MTPA. It earns revenue by selling these excipients to end users, merchants, distributors and exporters across India and more than 45 countries, with exports contributing ~63% of revenue; FY2023 revenue from operations was ₹20,418.76 lakhs (PAT ₹1,301.02 lakhs) and Q1 FY2024 (period ended June 30, 2023) revenue was ₹5,880.56 lakhs (PAT ₹705.53 lakhs). The promoters had run the same business since 2002 through the partnership firm M/s Accent Microcell Industries, whose assets were acquired by the company via slump sale in June 2012.
Company Analysis
from RHPAccent Microcell Limited manufactures high-quality cellulose-based excipients — led by microcrystalline cellulose (MCC) — that predominantly find application in the Pharmaceutical, Nutraceutical, Food and Cosmetic industries.
Accent Microcell Limited, incorporated on April 10, 2012 as Accent Microcell Private Limited and converted into a public limited company in December 2022, is an Ahmedabad (Gujarat)-based manufacturer of high-quality cellulose-based excipients used predominantly in the Pharmaceutical, Nutraceutical, Food and Cosmetic industries. Its flagship product is Microcrystalline Cellulose (MCC) — a purified wood-pulp derivative sold in 22 grades (particle sizes 20–180 microns) under the 'accel', 'acrocell', 'maccel' and 'Vincel' brands — complemented by MCC Spheres, Silicified MCC (SMCC), Powdered Cellulose, Croscarmellose Sodium, Magnesium Stearate and co-processed MCC-with-CMC blends. The company operates two state-of-the-art plants — Pirana (Unit-I, serving mainly the domestic market) and Dahej SEZ (Unit-II, an export-oriented unit) — with a combined installed capacity of 8,000 metric tonnes per annum, and is setting up a third facility at Navagam Kheda (funded by this IPO) to manufacture CCS, SSG and CMC, taking total capacity to 10,400 MTPA. It earns revenue by selling these excipients to end users, merchants, distributors and exporters across India and more than 45 countries, with exports contributing ~63% of revenue; FY2023 revenue from operations was ₹20,418.76 lakhs (PAT ₹1,301.02 lakhs) and Q1 FY2024 (period ended June 30, 2023) revenue was ₹5,880.56 lakhs (PAT ₹705.53 lakhs). The promoters had run the same business since 2002 through the partnership firm M/s Accent Microcell Industries, whose assets were acquired by the company via slump sale in June 2012.
Objects of the Issue
- To Set up plant at Navagam Kheda for manufacturing Croscarmellose Sodium ("CCS"), Sodium Starch Glycolate and Carboxymethylcellulose (CMC) ₹ 5,439.38 Lakhs p.78
- General Corporate Expenses ₹ 1,790.33 Lakhs p.78
Issue Structure
- Total Issue
- 56,00,000 Equity Shares aggregating to ₹ 7,840 Lakhs
- Fresh Issue
- 56,00,000 Equity Shares aggregating to ₹ 7,840 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ 133 to ₹ 140 per Equity Share
- Lot Size
- Minimum 1,000 Equity Shares and in multiples of 1,000 Equity Shares thereafter
- Face Value
- ₹ 10 per Equity Share
Business Model
Manufactures and sells cellulose-based excipients — primarily microcrystalline cellulose (MCC) in 22 grades under the accel/Vincel/acrocell/maccel brands, plus MCC spheres, SMCC, powdered cellulose, croscarmellose sodium, magnesium stearate and co-processed blends — to end users, merchants, distributors and exporters. Roughly two-thirds of revenue is exported (63.42% of FY2023 revenue from operations), served largely through the Dahej SEZ export-oriented unit, while the Pirana unit caters mainly to the domestic market; key end-use industries are pharmaceuticals (~72% of revenue), food (~17–18%) and nutraceuticals (~10%).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nitin JasvantBhai Patel | Promoter | 20.90% | 15.34% |
| VinodBhai ManiBhai Patel | Promoter | 20.90% | 15.34% |
| Ghanshyam ArjanBhai Patel | Promoter | 16.70% | 12.26% |
| Vasant Vadilal Patel | Promoter | 12.53% | 9.19% |
| ArvindBhai ManiBhai Patel | Promoter Group | 0.87% | 0.64% |
| Shailesh Bhai ArjanBhai Patel | Promoter Group | 0.70% | 0.51% |
| Jitendra Vadilal Patel | Promoter Group | 0.53% | 0.39% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.