Scoda Tubes IPO Listing Tomorrow: What Does Latest GMP Indicate?
Shares of Scoda Tubes Ltd. are scheduled to be listed on the NSE and BSE on Wednesday, June 4.
Scoda Tubes is set to make its market debut on June 4. Shares of the company will be listed on both the BSE and NSE, following the successful closure of its initial public offering (IPO).
The steel tubes and pipes maker launched its IPO on May 28 to raise Rs 220 crore from the primary market. The mainboard IPO was entirely a fresh issue of 1.57 crore shares. The public offer was open for subscription till May 30.
The IPO bidders are waiting for the market debut of Scoda Tubes shares, following the successful subscription and the finalisation of the share allotment status.
Here’s what the latest GMP indicates about the Scoda Tubes IPO listing.
Scoda Tubes IPO Latest GMP
The grey market premium stood at Rs 20 per share at 6:00 p.m. on June 3, as per Investorgain. The latest GMP indicates potential listing of the company’s shares at Rs 160 apiece, at a 14.29% premium over the issue price of Rs 140 apiece.
Note: GMP does not represent official data and is based on speculation.
About Scoda Tubes IPO
The issue was overall subscribed 53.78 times during the three-day bidding period. The Qualified Institutional Buyers (QIBs) booked their quota 69.51 times, while the retail portion of the IPO was subscribed 19.39 times. The Non-Institutional Investors (NIIs) subscribed to their category 113.03 times.
The IPO price band was fixed at Rs 130-140 per share.
MUFG Intime India was the registrar of the Scoda Tubes IPO.
About Scoda Tubes
The Gujarat-based company is a manufacturer of stainless-steel tubes and pipes. It has one manufacturing plant in Mehsana, Gujarat. Scoda Tubes has a diverse range of clients, from engineering companies to industrial firms, across the chemicals, fertilisers, oil and gas, power, automotive, pharmaceuticals, railways and transportation sectors.
Use Of Proceeds
Scoda Tubes has proposed to utilise Rs 77 crore from the IPO funds for expanding its production capacity of seamless tubes and pipes. This involves site development, civil and structural work, and equipment and utilities. The company also plans to set aside Rs 110 crore for funding working capital requirements in the fiscal years 2026 and 2027. A portion of the IPO proceeds will be directed towards capex and general corporate purposes.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
