Shares of Scoda Tubes Ltd. closed at Rs 147 apiece on the National Stock Exchange on Wednesday, stuck in a 5% upper circuit post listing. The stock price rose as much as 4.96% on the BSE to close at Rs 146.95 per share.
The company had witnessed a muted listing on Dalal Street, opening at its issue price of Rs 140 on both the BSE and the NSE.
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Scoda Tubes' IPO, which closed on May 30, was subscribed 53.78 times. The Rs 220-crore offering consisted entirely of a fresh issue of equity shares with no offer-for-sale component. The IPO was subscribed 53.78 times on its third and final day. Bids were led by institutional investors (69.51 times), retail investors (19.4 times), non-institutional investors (113.03 times).
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Investors had bid for a minimum of 100 equity shares and in multiples of 100 thereafter. The public issue was managed by Monarch Networth Capital Ltd. and Link Intime India Pvt.
About The Company
Gujarat-based Scoda Tubes is a stainless-steel tubes and pipes manufacturer, catering to a diverse range of customers like engineering companies, EPCs, and industrial companies engaged in oil and gas, chemicals, fertilisers, power, pharmaceuticals, automotive, railways, and transportation sectors.
The company has one manufacturing plant in Mehsana, Gujarat, which is in close proximity of around 200 km from the Mundra port. Currently, the plant has a total installed capacity of 20,000 MTPA of mother hollow, 10,068 MTPA of seamless products, and 1,020 MTPA of welded products, according to the RHP.
In the previous financial year, Scoda Tubes exported to 16 countries, including the US, Germany, the Netherlands, Italy, Spain, and France.
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