The initial public offering (IPO) of Accord Transformer and Switchgear Ltd. witnessed strong investor interest on the third and last day of bidding on Wednesday, Feb. 25. The BSE SME issue received bids for 1,32,11,37,000 shares against 39,78,000 shares on offer, leading to a robust subscription of 332.11 times.
Accord Transformer and Switchgear is expected to finalise the IPO allotment status on Feb. 26, after overwhelming demand for its shares during the three-day bidding period. The SME issue opened for subscription on Feb. 23.
The Non-Institutional investors (NIIs) led the demand, oversubscribing their portion by 447.16 times. The retail portion of the IPO was booked 367.59 times. The Qualified Institutional Buyers' (QIBs) category was booked 153.01 times.
The Rs 25.59-crore IPO of Accord Transformer and Switchgear comprised entirely a fresh issue of 56 lakh shares. The price band for the Accord Transformer and Switchgear IPO was set at Rs 43 to Rs 46 per share.
Investors who participated in the Accord Transformer and Switchgear IPO subscription can check the share allotment status on the websites of BSE and the issue registrar, Kfin Technologies.
Accord Transformer & Switchgear IPO: How To Check Allotment Status On BSE
Visit the BSE allotment page here.
Select ‘Equity' under the Issue Type field.
From the ‘Issue Name' dropdown list, choose Accord Transformer and Switchgear Ltd.
Enter your Application Number or PAN.
Complete the captcha verification.
- Click Search to view your allotment status.
Accord Transformer & Switchgear IPO: Steps To Check Allotment Status On Kfin Technologies
Go to the KFinTech IPO allotment page here.
Click on the ‘Select IPO' dropdown list, choose Accord Transformer and Switchgear Ltd.
Click on any of these options for verification: PAN, Application Number or Demat Account.
Enter the details.
- Click on ‘Submit' to view your allotment status.
Accord Transformer & Switchgear IPO GMP Today
The Accord Transformer and Switchgear IPO shares commanded a premium of Rs 8 in the grey market on Feb. 26. The latest grey market premium (GMP) for the SME IPO indicates an estimated listing price of Rs 54 at a premium of 17.39% over the upper band of the issue price of Rs 46.
Note: GMP does not represent official data and is based on speculation.
Accord Transformer & Switchgear IPO Listing Date
After finalising the IPO share allotment status, Accord Transformer and Switchgear Ltd. is scheduled to initiate refunds and transfer of shares to the Demat accounts on Friday, Feb. 27.
The IPO listing date has been tentatively fixed as March 2. Shares of Accord Transformer and Switchgear Ltd. will be listed on the BSE SME platform.
Also Read: Dalal Street's IPO Party Over? 60% Of Newly Listed Stocks Trade Below Issue Price
Use of Proceeds
The company has proposed to use IPO funds for capital expenditure towards the purchase of machinery and equipment and working capital requirements. A portion of the funds will also be used for general corporate purposes.
Also Read: IPO-Bound OYO Parent PRISM Appoints Former SEBI Chairman Ajay Tyagi To Board
About Accord Transformer & Switchgear
Accord Transformer and Switchgear Ltd., incorporated in 2014, specialises in the design, engineering, manufacturing and supply of a wide range of electrical power and distribution equipment. The company serves both standard and customised needs of clients across sectors such as power transmission and distribution, renewable energy, industrial applications, infrastructure projects and electric vehicle (EV) charging networks.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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