Accord Transformer, and Mobilise App Lab IPOs saw healthy subscription on February 23, the first day of bidding, but Kiaasa Retail offer, which also opened today, was undersubscribed.
All the three initial public offerings (IPO) will remain open for subscription till February 25.
Electrical power and distribution equipment maker Accord Transformer and Switchgear's public issue was subscribed 9.8 times on Monday with investors bidding 3.89 crore equity shares against offer size of 39.78 lakh shares via 5,539 applications.
The participation in the offer was seen across categories of investors with retail portion subscribing 16.26 times, non-institutional investors 8.31 times, and qualified institutional buyers 2 percent.
Accord Transformer approached capital markets to raise Rs 25.59 crore via initial share sale of 55.62 lakh shares. The price band for the offer is Rs 43-46 per share.
The company intends to utilise Rs 13 crore of the proceeds from fresh issue for purchase of machinery and equipment, Rs 10 crore for working capital requirements, and the remainder funds for general corporate purposes.
With 2 manufacturing facilities in Rajasthan, Accord Transformer designs and manufactures electrical power and distribution transformers, and related equipment, catering to sectors like energy, industrial applications, infrastructure, and electric vehicle (EV) charging networks.
Click Here To Read All IPO News
Software solutions provider Mobilise App Lab's public issue closed its first day of bidding with 3.52 times subscription as investors have applied for 63.4 lakh shares against offer size of 17.98 lakh shares via 1,485 applications.
Non-institutional investors were at the forefront to boost the IPO subscription numbers, bidding 7.36 times their allotted quota, followed by retail investors whose reserved portion was subscribed 4.74 times, while the part set aside for qualified institutional buyers saw 1 percent subscription.
Gurugram-based Mobilise App Lab that offers digital platforms to streamline and manage enterprise operations is raising Rs 20.1 crore via IPO of 25.12 lakh shares at the upper end of price band of Rs 75-80 per share. It is entirely a fresh issue.
The company intends to spend proceeds from the IPO for product development through talent hiring, business development and marketing activities, infrastructure, and general corporate purposes.
Ghaziabad-based Kiaasa Retail that offers ethnic wear brand for women also opened its Rs 69.72-crore IPO for subscription on Monday. The offer received muted response from investors at 10 percent on day 1, with investors bidding 5.73 lakh shares against the issue size of 54.9 lakh shares via 255 applications.
The response from qualified institutional investors was healthy as their reserved portion was fully subscribed, while the parts set aside for retail and non-institutional investors saw 16 percent and 1 percent subscription, respectively.
The price band for the offer has been fixed at Rs 121-127 per share.
Kiaasa Retail operates 124 exclusive brand outlets (EBOs) across 70 cities, offering apparel, footwear, and accessories designed exclusively for women. The IPO funds will be utilised mainly for opening new stores (at a cost of Rs 46.4 crore), and the remainder money for general corporate purposes.
It intends to establish 41 additional EBOs in FY26 and further 20 EBOs in FY27 in India. The establishment of the new stores is proposed to be undertaken entirely from the net proceeds of the fresh issue, the company said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
