IPO
Steel tubes maker Scoda’s Rs.220-Cr IPO subscribed 53.7 times
The initial public offer of Ahmedabad-based stainless-steel tubes and pipes manufacturer Scoda Tubes received 53.78 times subscription on the closing day. The initial share sale got bids for 63,70,52,700 shares against 1,18,46,169 shares on offer.The category for non-institutional investors fetched 113.03 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 69.51 times. The quota for Retail Individual Investors (RIIs) received 19.39 times subscription. Scoda Tubes had earlier raised INR 66 crore from anchor investors.The company's IPO is entirely a fresh issue of equity shares, aggregating up to INR 220 crore with no offer for sale (OFS) component. The issue has a price band of INR 130-140 per share.Proceeds of the issue will be used to expand the production capacity of seamless and welded tubes and pipes and for working capital requirements.
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