Accent Microcell’s IPO opens on December 8 with price band between Rs 133–140 Accent Microcell, leading manufacturer and exporter of cellulose-based pharmaceutical excipients, announced that its Initial Public Offer will open on Friday, December 8. The Anchor portion will be open on Thursday, December 7 and the issue will conclude on Tuesday, December 12. The company is planning to raise approximately Rs 78.40 crores from the issue and aims to be listed with NSE Emerge. The price band for the issue has been fixed at Rs 133 – Rs 140 per share. The lot price will be 1,000 shares. Corporate Capital Ventures is the Book Running Lead Manager and KFIN Technologies is the Registrar to the Issue. Accent Microcell plans to utilise Rs 54.39 crores out of net proceeds 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 predominantly 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. In addition to MCC, it produces other excipients such as Croscarmellose Sodium (CCS) and Magnesium Stearate (MS). Accent Microcell clocked a revenue of Rs 58.81 crore in the first quarter of FY24. The company reported a revenue of Rs 204.19 crore in FY23, up from Rs 165.71 crore in FY22. Accent Microcell’s profit (PAT) more than doubled to Rs 13.01 crore in FY23 from Rs 5.89 crore in FY22. The company achieved Profit After Tax (PAT) of Rs 7.06 crore in Q1 of FY24.
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FII and DII trades: Foreign Institutional Investors (FII) have been net buyers of domestic stocks for successive days now. On Wednesday, FIIs pumped in Rs 2,347 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 510 crore yesterday.
IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.
However, that doesn’t take into account the fact that geopolitical tensions on the Middle East are undeniably rising again which will mean limited downside.”
In the U.S., oil drilling rigs were up by one at 501 last week, Baker Hughes said in its weekly report.JPMorgan forecasted 26 oil rigs to be added this year, most of them in the Permian during the first half of the year.
“The timing of drilling is paramount, as rig additions at the start of the year will contribute to 2H24 production growth,” the bank’s analysts said in a note.
“Despite an impressive 1 mbd of crude and condensate production growth in 2023, we expect 2024 supply to increase by only 400 kbd due to lower completions activity levels vs 2023.”