Accord Transformer, Mobilise App Lab IPOs attract robust demand but Kiaasa Retail sees muted response on final day

Accord Transformer and Switchgear, and Mobilise App Lab's IPOs garnered robust demand from investors, while Kiaasa Retail public issue saw muted response on February 25, the final day of bidding. All these three companies opened their maiden public issues on February 23. They will finalise IPO share allotment by February 26, while their shares will be available for trading on the bourses on March 2. Accord Transformer and Switchgear's initial public offering (IPO) saw a massive 332.11 times subscription during February 23-25 with investors bidding 132.11 crore shares against offer size of 39.78 lakh shares via 1.39 lakh applications. The demand remained strong since the day one. Non-institutional investors were at the forefront amongst them, bidding 447.16 times their allotted quota, while the parts set aside for retail investors, and qualified institutional buyers were subscribed 367.59 times, and 153.01 times, respectively. The electrical power and distribution transformers, and related equipments manufacturer is raising Rs 25.59 crore via 55.62 lakh shares fresh issue. The price band for the offer was Rs 43-46 per share. Click Here To Read All IPO News Accord Transformer intends to utilise Rs 13 crore of IPO proceeds for purchase of machinery and equipment, Rs 10 crore for its working capital requirements, and the remainder funds for general corporate purposes. Meanwhile, the IPO of Mobilise App Lab, the software as a service IT solutions provider offering digital platforms to streamline and manage enterprise operations was subscribed 93.11 times in the same period. Investors have applied for 16.74 crore shares against its offer size of 17.98 lakh shares via 32,137 applications. The Gurugram-based company approached capital markets to mobilise funds up to Rs 20.1 crore through IPO of 25.12 lakh shares at the upper end of price band of Rs 75-80 per share. The Rs 5.54 crore of proceeds from the public issue will be utilised for product development through talent hiring, and Rs 3.03 crore for business development and marketing activities. Further, the company will spend Rs 5.47 crore for infrastructure, and the balance funds will be used for general corporate purposes. Kiaasa Retail, an ethnic wear brand that offers apparel, footwear, and accessories for women, attracted 1.99 times subscription for its IPO as investors bid 1.09 crore shares against offer size of 54.9 lakh shares via 3,997 applications. Qualified institutional buyers led the charge to boost subscription numbers, bidding 14.98 times their reserved portion. The parts set aside for retail, and non-institutional investors were booked 2.43 times, and 1.14 times, respectively. Kiaasa Retail that operates 124 exclusive brand outlets across 70 cities aims to raise Rs 69.72 crore via initial share sale of 54.9 lakh shares. The price band for the offer was Rs 121-127 per share. It plans to spend Rs 46.44 crore of IPO proceeds for opening 61 new stores in current and next financial years in eight states including Uttar Pradesh, Haryana, Punjab, and Delhi NCR. And the remainder funds will be set aside for general corporate purposes.