Bookbuilding IPO | ₹26 Cr | Listed at BSE SME | Mon, Feb 23, 2026 - Wed, Feb 25, 2026
Accord Transformer & Switchgear IPO is a book build issue of ₹25.59 crores. The issue is entirely a fresh issue of 0.56 crore shares of ₹25.59 crore.
Accord Transformer & Switchgear IPO bidding started from Feb 23, 2026 and ended on Feb 25, 2026. The allotment for Accord Transformer & Switchgear IPO was finalized on Feb 26, 2026. The shares got listed on BSE SME on Mar 2, 2026.
Accord Transformer & Switchgear IPO is set final issue price at ₹46 per share. The lot size for an application is 3,000. The minimum amount of investment required by an individual investor (retail) is ₹2,76,000 (6,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (9,000 shares), amounting to ₹4,14,000.
GYR Capital Advisors Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd..
Refer to Accord Transformer & Switchgear IPO RHP for detailed Information.
IPO Open
Mon, Feb 23, 2026
IPO Close
Wed, Feb 25, 2026
Issue Price
₹46 per share
Market Cap (Pre-IPO)
₹94.64 Cr
| IPO Date | 23 to 25 Feb, 2026 |
| Listed on | 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 only |
| 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 Giriraj Stock Broking Pvt.Ltd. (agg. up to ₹1 Cr) |
| Fresh Issue (Ex Market Maker) | 52,80,000 shares (agg. up to ₹24 Cr) |
| 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 |
Accord Transformer & Switchgear IPO comprises a total issue size of 55,62,000 shares. The net offer to the public is 52,80,000 shares, after excluding 2,82,000 shares allotted on a firm basis. Of the Net offer 26,40,000 (50.00%) are allocated to QIB, 7,92,000 (15.00%) allocated to NII 18,48,000 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 26,40,000 | 50.00% | 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 | 15.00% | 14.24% |
| − bNII > ₹10L | 5,28,000 | 9.49% | |
| − sNII < ₹10L | 2,64,000 | 4.75% | |
| Retail Shares Offered | 18,48,000 | 35.00% | 33.23% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,82,000 | 5.07% | |
| Total Shares Offered | 55,62,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 6,000 shares and in multiples of 3,000 shares thereof.
| 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 |
Accord Transformer & Switchgear IPO raises ₹7.29 crore from anchor investors. Accord Transformer & Switchgear IPO Anchor bid date is February 20, 2026.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Feb 20, 2026 |
| Shares Offered | 15,84,000 |
| Anchor Portion (₹ Cr.) | 7.29 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Mar 27, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, May 26, 2026 |
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.
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 41.02 | 59.89 | 26.46 | 15.82 |
| Total Income | 45.29 | 79.20 | 48.60 | 40.81 |
| Profit After Tax | 2.91 | 6.05 | 1.61 | 0.87 |
| EBITDA | 4.62 | 9.10 | 2.67 | 1.54 |
| NET Worth | 24.45 | 21.54 | 6.04 | 4.43 |
| Reserves and Surplus | 9.44 | 21.25 | 5.79 | 4.18 |
| Total Borrowing | 4.37 | 11.81 | 9.13 | 2.30 |
| Amount in ₹ Crore | ||||
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 |
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 12.67% | 43.90% |
| ROCE | 14.52% | 26% |
| Debt/Equity | 0.18 | 0.55 |
| RoNW | 11.91% | 28.10% |
| PAT Margin | 6.44% | 7.66% |
| EBITDA Margin | 10.19% | 11.49% |
| Price to Book Value | 2.82 | 3.21 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.03 | 2.94 |
| P/E (x) | 11.41 | 15.63 |
| Promoter Holding | 84.94% | 61.98% |
| Market Cap | ₹94.64 Cr. |
The Accord Transformer & Switchgear IPO is subscribed 357.37 times on February 25, 2026 6:54:50 PM (Day 3). The public issue subscribed 367.59 times in the individual investors category, 153.01 times in the QIB category, and 606.02 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| QIB (Ex Anchor) | 153.01 | 10,56,000 | 16,15,83,000 | 0 |
| NII* | 606.02 | 7,92,000 | 47,99,70,000 | 0 |
| bNII (> ₹10L) | 709.68 | 5,28,000 | 37,47,12,000 | |
| sNII (< ₹10L) | 398.70 | 2,64,000 | 10,52,58,000 | |
| Individual Investor | 367.59 | 18,48,000 | 67,93,02,000 | 0 |
| Total | 357.37 | 36,96,000 | 1,32,08,55,000 | 1,39,976 |
Total Applications: 1,39,976
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager Fees | 0.30 |
| 2 | Underwriting Fees | 1.28 |
| 3 | Fees payable to the Market maker to the Issue | 0.03 |
| 4 | Fees payable to the Registrar to the Issue | 0.02 |
| 5 | Fees payable for Advertising and Publishing Expense | 0.05 |
| 6 | Fees payable to Regulators including Stock Exchange & Depositories | 0.20 |
| 7 | Payment for Printing & Stationary, Postage etc | 0.00 |
| 8 | Fees payable to statutory auditors, Legal Advisors & other Professionals | 0.42 |
| 9 | Other Expense | 0.27 |
| Total | 2.56 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹46.00 |
| Open | ₹50.00 |
| Low | ₹47.50 |
| High | ₹52.50 |
| Last Trade | ₹52.50 |
Lead Manager Reports
Accord Transformer & Switchgear IPO is a SME IPO of 55,62,000 equity shares of the face value of ₹10 aggregating up to ₹26 Crores. The issue is priced at ₹46 per share. The minimum order quantity is 3000.
The IPO opens on Mon, Feb 23, 2026, and closes on Wed, Feb 25, 2026.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Accord Transformer & Switchgear IPO using UPI as a payment gateway. Zerodha customers can apply in Accord Transformer & Switchgear IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Accord Transformer & Switchgear IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Accord Transformer & Switchgear IPO opens on Mon, Feb 23, 2026 and closes on Wed, Feb 25, 2026.
Accord Transformer & Switchgear IPO lot size is 3000, and the minimum amount required for application is ₹2,76,000, with 2 lots being the minimum application size.
You can apply in Accord Transformer & Switchgear IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Accord Transformer & Switchgear IPO will be done on Thursday, February 26, 2026, and the allotted shares will be credited to your demat account by Fri, Feb 27, 2026. Check the Accord Transformer & Switchgear IPO allotment status.
The Accord Transformer & Switchgear IPO listing date is on Mon, Mar 2, 2026.
