Scoda Tubes IPO: Issue subscribed 29.20 times so far on last day bidding

Scoda Tubes IPO: The initial public offering (IPO) of Scoda Tubes, a stainless-steel tubes and pipes maker, has been subscribed to 29.20 times so far on the second day of the bidding process on Thursday, May 29.

At the last count (11:54 am), overall subscription is at 32,70,56,956 shares against 1,12,00,000 shares on offer, according to the BSE data.

Category-wise subscription status

The Qualified Institutional Buyers (QIBs) have applied a bid for 1,32,38,518 shares against 32,00,000 shares, while the retial investors’ potion fetched 21.61 subscriptions or 12,10,27,452 shares against 56,00,000 shares.

Anchor investors

On Tuesday, ahead of its share sale, the company raised Rs 66 crore from anchor investors.

Scoda Tubes IPO: Price band, BRMLs, registrar, important dates, other details

The company has fixed the price band for the IPO between Rs 130 and Rs 140 per share.

BRLM

Monarch Networth Capital has been appointed as the book running lead manager (BRLM) for the issue.

The IPO comprises a fresh issue of equity shares amounting to Rs 220 crore, which means the offering does not include any offer for sale (OFS) component.

Utilisation of IPO proceeds

The proceeds from the issue will be allocated towards the expansion of production capacity for seamless and welded tubes and pipes, meeting working capital requirements, and addressing general corporate purposes.

What does Scoda Tubes do?

Scoda Tubes is a manufacturer specialising in stainless steel tubes and pipes. It serves a broad spectrum of clients, including engineering, procurement, and construction (EPC) firms, as well as industrial enterprises operating in sectors such as oil and gas, chemicals, fertilisers, and power.