Scoda Tubes IPO Sees Strong Investor Demand, Subscribed 8.11 Times On Day 2 Of Bidding
Scoda Tubes' IPO was subscribed 8.11 times by Day 2, driven by strong interest from non-institutional and retail investors. The Rs 220 crore issue aims to boost production capacity and support working capital needs.
Scoda Tubes' IPO was subscribed 8.11 times by Day 2, |
New Delhi: The initial public offer of stainless-steel tubes and pipes manufacturer Scoda Tubes fetched 8.11 times subscription on the second day of bidding on Thursday.
Investors booked 9,60,85,200 shares against 1,18,46,169 shares on offer, as per NSE data.
The category for non-institutional investors attracted 20.21 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 6.46 times. The portion for Qualified Institutional Buyers (QIBs) received 1.93 times subscription.
Scoda Tubes on Tuesday raised Rs 66 crore from anchor investors.
The Gujarat-based company's IPO is entirely a fresh issue of equity shares, aggregating up to Rs 220 crore with no offer for sale (OFS) component.
The issue, with a price band of Rs 130-140 per share, will conclude on Friday.
Proceeds of the issue will be used to expand the production capacity of seamless and welded tubes and pipes, working capital requirements and general corporate purposes.
The company is a stainless-steel tubes and pipes manufacturer, catering to a diverse range of customers like EPC, and industrial companies engaged in oil and gas, chemicals, fertilisers, power, etc.
Monarch Networth Capital is the book-running lead manager to the IPO.
Disclaimer: This story is from the syndicated feed. Nothing has been changed except the headline.
RECENT STORIES
-
-
-
-
-