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Explore how Accord Transformer & Switchgear Ltd.’s IPO performed during its initial subscription period, including investor participation, price band details, key dates, and the step-by-step process to apply through ASBA or UPI.
The Accord Transformer & Switchgear IPO opened for subscription on February 23, 2026, marking the entry of the electrical power and distribution equipment manufacturer into the capital markets. With over a decade of experience in providing specialized transformer solutions and EV charging infrastructure, the company’s public issue comes amid ongoing developments in India’s power infrastructure sector.
The issue is valued at ₹25.59 crore and consists entirely of a fresh issue of 55.62 lakh equity shares, with a price band set at ₹43 to ₹46 per share.
The Accord Transformer & Switchgear Ltd. IPO witnessed a robust response on its opening day, quickly becoming oversubscribed within hours of the bidding process. The issue saw strong participation from retail and non-institutional investors (NII), indicating active bidding during the early phase of subscription.
On the first day of bidding, the Accord Transformer & Switchgear Ltd. IPO recorded an impressive overall subscription of 6.73×. The retail segment led the charge with a massive turnout, while the non-institutional category also saw healthy participation.
| Investor Category | Subscription (Times) |
|---|---|
Qualified Institutional Buyers (QIB) |
0.00× |
Non-Institutional Investors (NII) |
5.35× |
Retail Individual Investors (RII) |
11.38× |
Total |
6.73× |
The Day 1 response indicates that the retail category was fully subscribed, suggesting high demand for the issue. Institutional participation is expected to pick up pace as the bidding window nears its close on February 25.
On the second day of bidding, the Accord Transformer & Switchgear Ltd. IPO saw exceptional demand, with the issue subscribed 27.17× overall. Retail investors led the response, followed by strong interest from Non-Institutional Investors (NIIs), while QIB participation remained minimal.
| Investor Category | Subscription (Times) |
|---|---|
Qualified Institutional Buyers (QIB) |
0.02× |
Retail Individual Investors (RII) |
44.22× |
Non-Institutional Investors (NII) |
24.53× |
Total |
27.17× |
The subscription data reflects overwhelming retail enthusiasm and solid NII backing, making it one of the most strongly subscribed IPOs in the SME segment on Day 2.
On Day 3, the Accord Transformer & Switchgear Ltd. IPO recorded massive demand, with the issue subscribed 154.39× overall. All investor categories showed extraordinary participation levels.
| Investor Category | Subscription (Times) |
|---|---|
Qualified Institutional Buyers (QIB) |
47.55× |
Retail Individual Investors (RII) |
195.71× |
Non-Institutional Investors (NII) |
188.34× |
Total |
154.39× |
The IPO concluded with good subscription responses in the SME segment, reflecting significant investor confidence and aggressive bidding across segments.
The price band for the IPO is set between ₹43 and ₹46 per share, with a face value of ₹10 per share. Being an SME IPO, the lot size is significantly larger than mainboard issues. For retail investors, the minimum application is 2 lots (6,000 shares).
| Investor Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
Retail (Min/Max) |
2 |
6,000 |
₹2,76,000 |
S-HNI (Min) |
3 |
9,000 |
₹4,14,000 |
B-HNI (Min) |
8 |
24,000 |
₹11,04,000 |
For detailed insights about the company, issue particulars, and the latest updates, visit the Accord Transformer & Switchgear IPO on Bajaj Markets.
The timeline for the IPO milestones, from the opening of the bid to the stock exchange debut, is as follows:
| Event | Date | Details |
|---|---|---|
IPO Open Date |
February 23, 2026 |
Issue opens for subscription |
IPO Close Date |
February 25, 2026 |
Final day to submit bids |
Basis of Allotment |
February 26, 2026 |
Finalisation of share allotment |
Refunds Initiation |
February 27, 2026 |
Refunds begin for unallotted investors |
Credit of Shares |
February 27, 2026 |
Shares credited to successful applicants |
Listing Date |
March 2, 2026 |
Shares debut on BSE SME platform |
Note: These dates represent procedural milestones based on publicly available data and are intended for informational purposes only.
Investors can apply for the IPO using the ASBA facility through their bank or via UPI-linked broker platforms.
This is a convenient and secure method where your application amount stays blocked until shares are allotted.
Log in to your internet banking account.
Go to the ‘Investments’ or ‘IPO Application’ section.
Select ‘Accord Transformer & Switchgear Ltd. IPO’ from the available list.
Enter your preferred bid quantity and price.
Confirm and submit your application.
The bid amount will remain blocked in your account until allotment.
Upon allotment, the amount will be debited, and shares credited to your Demat account.
You can apply using UPI through your stockbroker’s or financial marketplace’s online platform.
Log in to your trading account or Demat account on your broker’s platform or financial marketplace.
Navigate to the IPO section and select ‘Accord Transformer & Switchgear Ltd. IPO’.
Enter your application details including number of lots and price.
Provide your UPI ID linked to your bank account.
Approve the UPI mandate request on your UPI app (like BHIM, Google Pay, or PhonePe).
Funds will be debited only upon share allotment.
Once allotted, shares will be credited directly to your Demat account.
You can also check other Upcoming Ipo’s here: Upcoming IPO
The information provided above is based on publicly available data from reliable financial news and market sources. Investors are advised to verify figures and consult financial experts before making investment decisions. Market conditions and subscription numbers are subject to change during the IPO window.
Sources
LiveMint — IPO News and Updates, https://www.livemint.com/market/ipo
Economic Times — IPO News: Latest IPO News, Upcoming IPO, https://economictimes.indiatimes.com/markets/ipo
Financial Express — IPO News, https://www.financialexpress.com/market/ipo-news/
NDTV Profit — IPOs, https://www.ndtvprofit.com/ipos
Business Today — IPO Corner: Latest IPO News & Analysis, https://www.businesstoday.in/markets/ipo-corner
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