Accord Transformer & Switchgear IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Feb 23 to Feb 25 2026
Price Band
₹43 - 46
Current GMP
₹50.0 (+8.70%)
Subscription
357.37 times
IPO Details
| IPO Date | 23 to 25 Feb, 2026 |
| Listing Date | Mon, Mar 2, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹43 to ₹46 |
| Issue Price | ₹46 per share |
| Lot Size | 3,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 55,62,000 shares (agg. up to ₹ 26 Cr) |
| Reserved for Market Maker | 2,82,000 shares (agg. up to ₹ 1 Cr) Giriraj Stock Broking Pvt.Ltd. |
| Net Offered to Public | 52,80,000 shares (agg. up to ₹ 24 Cr) |
| Share Holding Pre Issue | 1,50,11,289 shares |
| Share Holding Post Issue | 2,05,73,289 shares |
| BSE Script Code | 544710 |
| ISIN | INE132201018 |
IPO Date
23 to 25 Feb, 2026
Listing Date
Mon, Mar 2, 2026
Face Value
₹ 10 per share
Price Band
₹43 to ₹46
Issue Price
₹46 per share
Lot Size
3,000 Shares
Sale Type
Fresh Capital
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Total Issue Size
55,62,000 shares (agg. up to ₹ 26 Cr)
Reserved for Market Maker
2,82,000 shares (agg. up to ₹ 1 Cr) Giriraj Stock Broking Pvt.Ltd.
Net Offered to Public
52,80,000 shares (agg. up to ₹ 24 Cr)
Share Holding Pre Issue
1,50,11,289 shares
Share Holding Post Issue
2,05,73,289 shares
BSE Script Code
544710
ISIN
INE132201018
IPO Subscription Details
| Anchor | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 153.01 |
| NII*** | 606.02 |
| bNII (> ₹10L) | 709.68 |
| sNII (< ₹10L) | 398.70 |
| Individual Investors | 367.59 |
| Total ** | 357.37 |
Anchor
1
Market Maker
1
QIB (Ex Anchor)
153.01
NII***
606.02
bNII (> ₹10L)
709.68
sNII (< ₹10L)
398.70
Individual Investors
367.59
Total **
357.37
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Feb 2 3 (Day 1) | 0.02 | 11.27 | 11.86 | 10.09 | 16.26 | 10.55 |
| Feb 2 4 (Day 2) | 1.08 | 49.47 | 50.73 | 46.93 | 59.74 | 40.78 |
| Feb 2 5 (Day 3) | 153.01 | 606.02 | 709.68 | 398.70 | 367.59 | 357.37 |
DayFeb 2
3 (Day 1)
QIB (Ex Anchor)0.02
NII*11.27
NII (> ₹10L)11.86
NII (< ₹10L)10.09
Individual Investors16.26
Total10.55
DayFeb 2
4 (Day 2)
QIB (Ex Anchor)1.08
NII*49.47
NII (> ₹10L)50.73
NII (< ₹10L)46.93
Individual Investors59.74
Total40.78
DayFeb 2
5 (Day 3)
QIB (Ex Anchor)153.01
NII*606.02
NII (> ₹10L)709.68
NII (< ₹10L)398.70
Individual Investors367.59
Total357.37
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 02-03-2026 | 46.00 | 4(8.70%) | 50 |
| 01-03-2026 | 46.00 | 4(8.70%) | 50 |
| 28-02-2026 | 46.00 | 4(8.70%) | 50 |
| 27-02-2026 | 46.00 | 4(8.70%) | 50 |
| 26-02-2026 | 46.00 | 6(13.04%) | 52 |
| 25-02-2026 | 46.00 | 8(17.39%) | 54 |
| 24-02-2026 | 46.00 | 8(17.39%) | 54 |
| 23-02-2026 | 46.00 | 13(28.26%) | 59 |
| 22-02-2026 | 46.00 | 17(36.96%) | 63 |
| 21-02-2026 | 46.00 | 17(36.96%) | 63 |
| 20-02-2026 | 46.00 | 12(26.09%) | 58 |
| 19-02-2026 | 46.00 | 10(21.74%) | 56 |
| 18-02-2026 | 46.00 | 12(26.09%) | 58 |
| 17-02-2026 | 46.00 | 8(17.39%) | 54 |
Date02-03-2026
Price46.00
GMP4(8.70%)
Estimate List Price50
Date01-03-2026
Price46.00
GMP4(8.70%)
Estimate List Price50
Date28-02-2026
Price46.00
GMP4(8.70%)
Estimate List Price50
Date27-02-2026
Price46.00
GMP4(8.70%)
Estimate List Price50
Date26-02-2026
Price46.00
GMP6(13.04%)
Estimate List Price52
Date25-02-2026
Price46.00
GMP8(17.39%)
Estimate List Price54
Date24-02-2026
Price46.00
GMP8(17.39%)
Estimate List Price54
Date23-02-2026
Price46.00
GMP13(28.26%)
Estimate List Price59
Date22-02-2026
Price46.00
GMP17(36.96%)
Estimate List Price63
Date21-02-2026
Price46.00
GMP17(36.96%)
Estimate List Price63
Date20-02-2026
Price46.00
GMP12(26.09%)
Estimate List Price58
Date19-02-2026
Price46.00
GMP10(21.74%)
Estimate List Price56
Date18-02-2026
Price46.00
GMP12(26.09%)
Estimate List Price58
Date17-02-2026
Price46.00
GMP8(17.39%)
Estimate List Price54
IPO Important Dates
| IPO Open | Mon, Feb 23, 2026 |
| IPO Close | Wed, Feb 25, 2026 |
| Allotment | Thu, Feb 26, 2026 |
| Refund | Fri, Feb 27, 2026 |
| Credit of Shares | Fri, Feb 27, 2026 |
| Listing | Mon, Mar 2, 2026 |
IPO Open
Mon, Feb 23, 2026
IPO Close
Wed, Feb 25, 2026
Allotment
Thu, Feb 26, 2026
Refund
Fri, Feb 27, 2026
Credit of Shares
Fri, Feb 27, 2026
Listing
Mon, Mar 2, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 6,000 | ₹2,76,000 |
| Individual investors (Retail) (Max) | 2 | 6,000 | ₹2,76,000 |
| S-HNI (Min) | 3 | 9,000 | ₹4,14,000 |
| S-HNI (Max) | 7 | 21,000 | ₹9,66,000 |
| B-HNI (Min) | 8 | 24,000 | ₹11,04,000 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares6,000
Amount₹2,76,000
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares6,000
Amount₹2,76,000
ApplicationS-HNI (Min)
Lots3
Shares9,000
Amount₹4,14,000
ApplicationS-HNI (Max)
Lots7
Shares21,000
Amount₹9,66,000
ApplicationB-HNI (Min)
Lots8
Shares24,000
Amount₹11,04,000
Key Performance Indicator
| ROE | 12.67% |
| ROCE | 14.52% |
| Debt/Equity | 0.18 |
| RoNW | 11.91% |
| PAT Margin | 6.44% |
| EBITDA Margin | 10.19% |
| Price to Book Value | 2.82 |
ROE
12.67%
ROCE
14.52%
Debt/Equity
0.18
RoNW
11.91%
PAT Margin
6.44%
EBITDA Margin
10.19%
Price to Book Value
2.82
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Danish Power | 34.55 | 34.55 | 162.50 | 25.53 | 18.00 | 3.86 |
| Transformers and Rectifiers (India) | 7.21 | 7.21 | 42.39 | 74.04 | 17.01 | 5.90 |
| Voltamp Transformers | 321.65 | 321.65 | 1,569.24 | 23.04 | 20.50 | 5.08 |
| Accord Transformer & Switchgear | 4.35 | 4.35 | 14.35 | 28.10 |
Company NameDanish Power
EPS (Basic)34.55
EPS (Diluted)34.55
NAV (₹ per share)162.50
P/E (x)25.53
RoNW (%)18.00
P/BV Ratio3.86
Company NameTransformers and Rectifiers (India)
EPS (Basic)7.21
EPS (Diluted)7.21
NAV (₹ per share)42.39
P/E (x)74.04
RoNW (%)17.01
P/BV Ratio5.90
Company NameVoltamp Transformers
EPS (Basic)321.65
EPS (Diluted)321.65
NAV (₹ per share)1,569.24
P/E (x)23.04
RoNW (%)20.50
P/BV Ratio5.08
Company NameAccord Transformer & Switchgear
EPS (Basic)4.35
EPS (Diluted)4.35
NAV (₹ per share)14.35
P/E (x)
RoNW (%)28.10
P/BV Ratio
IPO Reservation
| Market Maker Shares Offered | 2,82,000 (5.07%) |
| QIB Shares Offered | 26,40,000 (47.46%) |
| − Anchor Investor Shares Offered | 15,84,000 (28.48%) |
| − QIB (Ex. Anchor) Shares Offered | 10,56,000 (18.99%) |
| NII (HNI) Shares Offered | 7,92,000 (14.24%) |
| − bNII > ₹10L | 5,28,000 (9.49%) |
| − sNII < ₹10L | 2,64,000 (4.75%) |
| Retail Shares Offered | 18,48,000 (33.23%) |
| Total Shares Offered | 55,62,000 (100.00%) |
Market Maker Shares Offered
2,82,000 (5.07%)
QIB Shares Offered
26,40,000 (47.46%)
− Anchor Investor Shares Offered
15,84,000 (28.48%)
− QIB (Ex. Anchor) Shares Offered
10,56,000 (18.99%)
NII (HNI) Shares Offered
7,92,000 (14.24%)
− bNII > ₹10L
5,28,000 (9.49%)
− sNII < ₹10L
2,64,000 (4.75%)
Retail Shares Offered
18,48,000 (33.23%)
Total Shares Offered
55,62,000 (100.00%)
Information about company
Accord Transformer & Switchgear Ltd., incorporated in 2014, is an established company engaged in the design, engineering, manufacturing, and supply of a diversified range of electrical power and distribution equipment.
With over 10 years of experience, the company caters to the standard and customised requirements of clients across various sectors, including power transmission and distribution, renewable energy, industrial applications, infrastructure projects, and electric vehicle (EV) charging networks.
Product Portfolio
Accord Transformer & Switchgear Ltd. offers a comprehensive product portfolio, including:
1. Transformers:
2. Control Panels & Switchgear:
The company operates two manufacturing facilities in Bhiwadi, Rajasthan, with its registered office located in Manesar, Haryana. These facilities are equipped with advanced machinery such as plasma cutting systems, foil winding machines, shot blasting and painting booths, and comprehensive in-house testing laboratories, enabling expertise in the design, manufacture, testing, and deployment of critical power systems.
As of December 31, 2025, the company had 114 permanent employees.
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital expenditure towards purchase of machinery and equipment 13.03 2 Funding of working capital requirements 10.00 3 General corporate purposes Total 23.03
Disclaimer
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