Accord Transformer and Switchgear Limited has seen an exceptional response to its initial public offering on the BSE SME platform. As of the second day of bidding, the ₹25.59 crore issue has already attracted significant capital, with overall subscription exceeding 10 times. Retail investors are leading the charge with a subscription rate of over 16 times, while the Non-Institutional Investor (NII) segment has seen bidding at more than 11 times. This high demand is reflected in the grey market, where shares are commanding a premium of approximately ₹13 per share. This suggests a potential listing price near ₹59, a 28% jump over the upper price band of ₹46. **Key IPO Details** The price band for the issue is set between ₹43 and ₹46 per share. With a minimum lot size of 3,000 shares, the entry-level investment for retail participants stands at ₹138,000. For those applying for the maximum retail allocation of two lots, the total investment is ₹276,000. The bidding process concludes on February 25, 2026. The company expects to finalize share allotments by February 26, with the official listing scheduled for March 2, 2026. **Financial Performance and Growth** The company has demonstrated rapid financial scaling over the last three fiscal years. Revenue from operations surged from ₹40.78 crore in FY23 to ₹79.02 crore in FY25. Even more striking is the bottom-line growth, with Profit After Tax (PAT) climbing from ₹0.88 crore to ₹6.05 crore in the same period. Efficiency metrics remain strong, featuring a Return on Equity (ROE) of 28.1% and a healthy debt-to-equity ratio of 0.55. As of early 2026, the company maintains an executable order book of ₹164.26 crore, providing high revenue visibility for the upcoming quarters. **Market Context and Strategy** The timing of the IPO aligns with a massive expansion in the Indian power equipment sector. The national switchgear market is projected to reach a value of $3.5 billion by 2025, driven by a 9% annual growth rate. This is fueled by the government’s target of 500 GW of renewable energy capacity by 2030 and the rapid rollout of EV charging infrastructure. Accord is positioning itself to capture this growth by utilizing 50% of the IPO proceeds for capital expenditure, specifically for new machinery and equipment. Another 39% is earmarked for working capital to support its increasing order volume. The company operates two specialized manufacturing units in Rajasthan, producing a range of distribution and power transformers up to 20 MVA. Its strategic collaborations with global players like Schneider Electric further strengthen its technical capabilities in the competitive LV/MV control panel segment.