Indian pharmaceutical excipient company Accent Microcell has witnessed a remarkable investor response to its initial public offering (IPO), with the subscription rate soaring as the deadline for investment approaches on Tuesday. The company, known for its manufacturing facilities in Dahej SEZ and Pirana Road, launched its IPO on Friday with the intention of raising ₹78.40 crore (Rs 1 crore = $119,921).
The funds raised from the IPO are earmarked for significant expansion, including the construction of a new plant in Navagam Kheda, Gujarat. The new facility, which is projected to commence operations by April 2025, will focus on manufacturing critical pharmaceutical ingredients such as CMC, SSG, and CCS.
Investor interest has been robust, with the offering attracting an overwhelming demand from different investor classes. Retail investors have shown particularly strong enthusiasm, oversubscribing their quota by approximately 174 times. Non-institutional buyers followed suit with a subscription rate of over 124 times. By the second day of the offering, overall subscriptions had reached an impressive 115.72 times the available shares.
The strong demand is also reflected in the grey market, where shares of Accent Microcell are trading at a premium (GMP) of +202 points. This indicates a high level of market confidence and suggests that the anticipated listing price could reach roughly ₹342 per share (₹1 = $0.012), far above the initial offer price range of ₹133 to ₹140 per share.
Corporate Capitalventures Pvt Ltd is managing the book running process for the IPO. Kfin Technologies Limited has been appointed as the registrar, and Prabhat Financial Services will serve as the market maker.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.