Accord Transformer & Switchgear IPO Opens: Price Band, GMP, Subscription

Accord Transformer & Switchgear Limited launched its SME IPO for public subscription on 23 February 2026, marking a notable entry in the electrical equipment sector. The IPO is a fresh issue aimed at raising approximately ₹25.59 crore, with no offer-for-sale component. Investors have until 25 February 2026 to participate in the bidding process before the issue closes. This SME IPO will be listed on the BSE SME, offering an opportunity for small and medium investors to enter the primary market segment.

The price band for the IPO has been fixed at ₹43 to ₹46 per equity share, with each share carrying a face value of ₹10. To apply, investors must subscribe for a minimum of 3,000 shares, making the minimum investment around ₹1,29,000 at the upper price band. The IPO consists of 55,62,000 shares on offer to the public, with allocations spread across various investor categories including Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

Ahead of the IPO’s listing, the grey market premium (GMP) has shown strong activity, reflecting bullish sentiment among market participants. As of the first day of subscription, the GMP was reported at around ₹13, indicating a possible projected listing price near ₹59 per share — roughly 28 to 30 percent above the IPO’s upper price range. A high GMP typically suggests investor optimism about listing gains, although this unofficial figure can fluctuate significantly as the issue progresses.

On Day 1, subscription data highlighted healthy interest from investors across segments. Retail investors booked their allotted portion several times over, with reports showing the retail portion oversubscribed approximately 3.28 times, while NIIs saw about 1.37 times subscription. Institutional buyers had not shown notable bids by midday, but the overall subscription status was positive and indicated strong appetite from individual applicants.

Key dates for the IPO process are as follows: the basis of allotment is expected to be finalized on 26 February 2026, with refunds (for those not allotted shares) initiated soon after. Allotted shares are likely to be credited to investor Demat accounts by 27 February 2026, and the IPO is scheduled to begin trading officially on 2 March 2026 on the BSE SME platform.

Accord Transformer & Switchgear operates in the design, engineering, manufacturing, and supply of a diversified range of electrical power and distribution equipment. Its product line includes distribution and power transformers, control panels and MV/LV switchgear systems, serving sectors such as power transmission and distribution, renewable energy installations, industrial applications, infrastructure projects, and emerging markets like EV charging networks. The company’s manufacturing facilities are located in Bhiwadi, Rajasthan, equipped with modern machines and testing systems to ensure product quality and compliance.

The net proceeds from the IPO are expected to be used for capital expenditure toward machinery and equipment purchases, funding working capital needs, and meeting general corporate purposes. These investments aim to support the company’s growth, enhance production capacity, and strengthen its market position in the competitive electrical equipment industry.

Overall, the Accord Transformer & Switchgear IPO has generated strong interest, particularly from retail investors, with early subscription figures and GMP trends indicating expectations of a favourable listing. Investors considering participation should review financials, market conditions, and risk factors before applying, as SME IPOs can carry different risk-reward profiles compared with mainboard issues.