Scoda Tubes initial public offer (IPO) concluded with 54 times subscription in the primary market on a price band of Rs 130-140 per share. The initial share sale by the stainless-steel tubes and pipes manufacturer got subscribed 8.11 times on the second day of bidding on Thursday.
The investors booked 63.70 crore shares against 1.18 crore shares on offer, as per NSE data. Earlier, the company raised Rs 66 crore from anchor investors.
The category for non-institutional investors attracted 113.03 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 19.39 times. The portion for Qualified Institutional Buyers (QIBs) received 69.51 times subscription.
According to platforms tracking the grey market premium activities, the shares of Scoda Tubes are commanding a GMP of about 16 percent in the unregulated market.
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. 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.
Shares of the company will be listed on NSE and BSE on June 4, while the allotment is expected to take place on June 2.
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