The initial public offering (IPO) of Accord Transformer & Switchgear Ltd. was subscribed 357.37 times on the third and final day of bidding on Feb. 25. The BSE SME issue received bids for 1,32,08,55,000 shares against 36,96,000 on offer. The Non-Institutional Investors (NIIs) booked the issue 606.02 times. Retail portion of the IPO was subscribed 367.59 times. The Qualified Institutional Buyers (QIBs) booked their category 153.01 times.
Ahead of the listing of the IPO, the grey market premium (GMP) indicates a decent market debut for Accord Transformer & Switchgear. Here's a look at the latest GMP and other key details about the IPO.
Accord Transformer IPO Listing Date
Shares of the company are tentatively scheduled to be listed on the BSE SME platform on March 2.
Accord Transformer IPO GMP Today
According to InvestorGain, the GMP for the Accord Transformer & Switchgear IPO stood at Rs 4 per share at 9 a.m. on Feb. 28. The latest GMP indicates an estimated listing price of Rs 50 apiece at a premium of 8.70% compared to the upper limit of the issue price of Rs 46.
Note: GMP does not represent official data and is based on speculation.
Accord Transformer IPO: Key Details
The Accord Transformer & Switchgear IPO was a book-build issue worth Rs 25.59 crore. It comprised only a fresh issuance of 56 lakh shares. The price band for the IPO was set between Rs 43 and Rs 46 per share.
Retail investors were required to bid for two lots comprising 6,000 shares, requiring an investment of Rs 2,76,000. High Net-Worth Individuals (HNIs) were required to bid for at least three lots, amounting to an investment of Rs 4,14,000.
The subscription window was open from Feb. 23 to Feb. 25. Share allotment was finalised on Feb. 26. The company transferred shares to the demat accounts of the successful bidders on Feb. 27 and refunds for non-allottees will take place on the same day.
GYR Capital Advisors Ltd. was the book-running lead manager and Kfin Technologies Ltd. was the registrar of the issue. Giriraj Stock Broking Ltd. was the market maker of the company.
About Accord Transformer & Switchgear IPO
Accord Transformer and Switchgear is a manufacturer of power and distribution transformers, switchgear, and related electrical equipment. It was founded in 2014.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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