Ahmedabad-based pharma company Accent Microcell on Monday filed draft red herring prospectus with NSE Emerge for an initial public offering.
The issue size is an entire fresh issue of 56 lakh shares of face value of ₹10 each.
Funding new plant
Proceeds from the issue will be used to invest in setting up a new plant at Navagam Kheda in Gujarat. The company plans to invest ₹48.39 crore in the current financial year and ₹6 crore in FY2025 towards the establishment of Unit-III. It already operates two plants with a total installed capacity of 8,000 tonnes per annum.
Production plans
Accent Microcell manufactures Microcrystalline Cellulose, which is widely used as a texturiser, anticaking agent, binder, lubricant, bulking agent, and diluent with an extensive range of applications in pharmaceutical, nutraceutical, food, cosmetic and other industries.
Besides, the company intends to manufacture Croscarmellose Sodium with enhanced capacity, Sodium Starch Glycolate and Carboxy methyl cellulose and other excipients widely applied in the pharmaceutical, nutraceutical, food and cosmetic industries.