Scoda Tubes IPO: A Promising Start with Strong Investor Interest

Scoda Tubes' IPO, aiming to raise Rs 220 crore, received strong interest on its launch day, with subscriptions reaching 2.06 times the shares on offer. The company plans to use the proceeds to expand production capacity and fulfill other corporate needs. The IPO closes on May 30.

The initial public offer of stainless-steel tubes and pipes manufacturer Scoda Tubes was met with substantial investor interest, as the IPO saw a subscription rate of 2.06 times on its opening day.

Bidding for Scoda Tubes' IPO opened with a robust response, with investors applying for 2,43,53,100 shares, significantly exceeding the 1,18,46,169 shares available.

This vibrant activity highlights confidence in the Gujarat-based company, which plans to utilize the Rs 220 crore raised to expand its production facilities and address various capital requirements.

(With inputs from agencies.)