New Delhi, Feb. 23 -- Accord Transformer and Switchgear IPO: The initial public offering (IPO) of electrical power and distribution equipment manufacturer Accord Transformer & Switchgear opened for subscription on Monday, February 23. The Rs.25.6 crore SME IPO is a fresh issue of 56 lakh shares.

Meanwhile, ahead of the IPO, the company raised Rs.7.3 crore from anchor investors, allocating 15,84,000 shares to them at a price of Rs.46 per equity share.

According to grey market sources, the GMP of Accord Transformer shares was Rs.13 on Monday. This indicates the SME stock could list at a premium of 28.3% at Rs.59 on the BSE SME.

By 11:55 am on Monday, the SME IPO had seen an overall subscription of nearly 3.2 times, with the retail portio...