The initial public offering (IPO) of Accord Transformer and Switchgear Ltd. will close for subscription on Feb 25. The SME IPO was subscribed more than 35 times on the second day of bidding on Feb. 24.
The BSE SME received bids for 15,10,05,000 shares against 39,78,000 on offer, leading to an overall subscription of 37.96 times on Tuesday. The IPO opened for subscription on Feb. 23.
The Qualified Institutional Buyers' (QIBs) segment was fully subscribed on Day 2, while the Non-Institutional Investors (NIIs) booked the issue 36.47 times. The retail portion of the IPO was booked 59.74 times.
Here's all you need to know about the SME IPO of Accord Transformer and Switchgear.
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Accord Transformer IPO GMP Today
The grey market premium (GMP) for the Accord Transformer and Switchgear IPO stood at Rs 8 on Feb. 25, according to InvestorGain. The latest GMP indicates an estimated listing price of Rs 54 apiece at a premium of 17.39% over the upper limit of the price band of Rs 46 per share.
Note: GMP does not represent official data and is based on speculation.
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Accord Transformer IPO: Key Details
The Accord Transformer IPO is a book build issue of Rs 25.59 crore. The SME IPO comprises only a fresh issue of 56 lakh shares. The price band for the IPO has been fixed between Rs 43 and Rs 46 per share.
Retail investors can invest by bidding for two lots comprising 6,000 shares, requiring an investment of Rs 2,76,000. High Net-Worth Individuals (HNIs) must bid for at least three lots, amounting to an investment of Rs 4,14,000.
GYR Capital Advisors Ltd. is the book-running lead manager and Kfin Technologies Ltd. is the registrar of the issue. Giriraj Stock Broking Ltd. is the market maker of the company.
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Accord Transformer IPO: Allotment And Listign Date
The share allotment is proposed to be finalised on Feb. 26. The company will transfer shares to the demat accounts of the successful bidders on Feb. 27 and refunds for non-allottees will be processed on the same day.
Shares of Accord Transformer and Switchgear are proposed to be listed on the BSE SME platform on March 2.
Use Of Proceeds
The company has proposed to use proceeds from the IPO to fund capex for buying machinery and equipment, funding working capital requirements and general corporate purposes.
About Accord Transformer
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 the red herring prospectus thoroughly before placing bids.
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