Accord Transformer and Mobilise App Lab IPOs See Strong Demand, Kiaasa Retail Receives Muted Response on Final Day

Initial Public Offerings (IPOs) Update: February 25

Several IPOs garnered significant investor interest on the final day of bidding, February 25. The IPOs of Accord Transformer and Switchgear, Mobilise App Lab, and Kiaasa Retail concluded their maiden public issues on February 23.

Accord Transformer and Switchgear witnessed a massive 332.11 times subscription, with investors bidding for 132.11 crore shares against an offer size of 39.78 lakh shares. The electrical power and distribution transformers manufacturer is raising Rs 25.59 crore via a fresh issue of 55.62 lakh shares at a price band of Rs 43-46 per share. The company plans to utilise Rs 13 crore for machinery and equipment purchases, Rs 10 crore for working capital requirements, and the remaining funds for general corporate purposes.

Mobilise App Lab, a software as a service IT solutions provider, saw its IPO subscribed 93.11 times, with investors applying for 16.74 crore shares against an offer size of 17.98 lakh shares. The company aims to mobilise Rs 20.1 crore through the IPO of 25.12 lakh shares at the upper end of the price band of Rs 75-80 per share. The proceeds will be utilised for product development, business development and marketing activities, infrastructure, and general corporate purposes.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

Kiaasa Retail, an ethnic wear brand, attracted 1.99 times subscription, with investors bidding for 1.09 crore shares against an offer size of 54.9 lakh shares. The company aims to raise Rs 69.72 crore via an initial share sale of 54.9 lakh shares at a price band of Rs 121-127 per share. The IPO proceeds will be utilised to open 61 new stores in eight states and for general corporate purposes.

These IPOs will finalise share allotment by February 26, with shares available for trading on the bourses on March 2.