Accord Transformer & Switchgear IPO subscribed 5.21 times so far on Day 1: Check price band, lot size and key dates

Accord Transformer & Switchgear IPO: The initial public offering of Accord Transformer & Switchgear has been subscribed 5.21 times so far on the first day of bidding on Monday, February 23. It secured bids for 2,07,15,000 shares as against 39,78,000 shares on offer, according to the BSE data until 1:53 pm.

The part reserved for individual investors was subscribed 9.06 times, while non-institutional investors portion was booked 3.70 times.

The ₹25.59 crore initial share sale, with a price band of ₹43 to ₹46 per share, is only a fresh issuance of 55.62 lakh shares, with no offer for sale (OFS) component.

The fresh issue proceeds will be utilised for capital expenditure needs towards the purchase of machinery and equipment, working capital requirements and corporate general purposes.

Accord Transformer & Switchgear IPO: Lot size

A lot consists of 3,000 shares. The minimum investment for an individual investor is two lots or 6,000 shares.

GYR Capital Advisors Pvt Ltd is the issue's merchant banker, while KFin Technologies serves as the registrar.

Accord Transformer & Switchgear IPO: Allotment and listing date

The basis of allotment of the Accord Transformer & Switchgear IPO is likely to be finalised on February 26: The listing on the BSE SME platform will occur on March 2.

Accord Transformer & Switchgear designs, engineers, manufactures, and supplies a diversified range of electrical power and distribution transformers and related equipment. It serves both standard and customised requirements of customers in the power transmission and distribution sector, industrial applications, renewable energy, infrastructure projects and electric vehicle (EV) charging networks.

Its comprehensive product portfolio includes distribution transformers, power transformers, package substations, dry-type transformers, special-purpose transformers, medium-voltage (MV)/vacuum circuit breaker (VCB) panels, low-voltage (LV) control panels, busducts, cable trays, and associated switchgear assemblies.

Accord Transformer & Switchgear IPO GMP

According to investorgain.com and media reports, Accord Transformer & Switchgear's unlisted shares are trading at ₹63, reflecting a grey market premium (GMP) of 36.96% over the upper price band of ₹46.