Scoda Tubes' IPO Debuts with a 5% Rise

Scoda Tubes Ltd's shares were listed at Rs 140 and surged 5% on both the BSE and NSE. The company's IPO, priced at Rs 130-140 per share, was fully subscribed 53.78 times. Proceeds are aimed at production expansion and operational needs, catering to various industrial sectors.

Scoda Tubes Ltd made a strong debut on the stock markets with shares listing at Rs 140 before climbing 5% on both the BSE and NSE. The stainless-steel tubes and pipes manufacturer maintained an upward trajectory, ending at Rs 146.95 on the BSE, pushing the stock to its upper circuit.

The IPO, which was priced between Rs 130 and Rs 140 per share, saw an impressive subscription rate of 53.78 times by the close of bidding. The Gujarat-based company raised Rs 220 crore, earmarked for expanding its seamless and welded tube and pipe production capacity, in addition to addressing working capital requirements and general corporate purposes.

Focused on serving diverse clientele, including EPC contracts and industries such as oil and gas, chemicals, and power, Scoda Tubes aims to leverage its enhanced capacity to strengthen its market position. The company's strong market performance is a promising start for its growth-focused initiatives.

(With inputs from agencies.)