Accent Microcell's SME IPO made a record stock market debut, trading at a 114% premium to its IPO price ₹140. The stock opened at ₹300 on the NSE SME platform on Friday, December 15. Shortly after its debut, the stock was anchored at a high of 5%.
Ahead of its market debut, Accent Microcell shares commanded a premium of ₹203 in the unlisted market where pre-allotment trading of shares commences on the IPO and continues till the listing date. Most investors track the gray market premium (GMP) to get an idea of the stock market price.
The issue was subscribed a whopping 362 times at market close, with total bids above the ₹18,000 crore mark, which is a first for a medium-sized company. Previously, Chennai-based Basilic Fly Studio's SME offering garnered just over 100,000 bids ₹14,000 Crores.
The company sold its shares in the range of ₹133-140 each. The SME IPO was open for subscription from December 8th to 12th.
The ₹The ₹78.4 crore IPO entirely comprised a fresh issue of 56 lakh shares. The proceeds from the IPO will be used to set up a plant at Navagam Kheda to manufacture croscarmellose sodium, sodium starch glycolate and carboxymethyl cellulose. The capital raised will also be used for general corporate expenses.
Corporate Capitalventures acted as underwriter of the IPO, Kfin Technologies acted as registrar and Prabhat Financial Services acted as market maker.
The company produces cellulose-based excipients for pharmaceuticals, dietary supplements, food, cosmetics and other industries. Its two manufacturing facilities in Gujarat serve customers across India and in more than 45 countries including the US, Canada, Germany, UK, Japan, China and Australia.
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