Scoda Tubes IPO continued with robust subscription on the second day of its share sale in the primary market. The initial share sale by the stainless-steel tubes and pipes manufacturer got subscribed 8 times on Thursday, receiving bids for 9.60 crore shares against 1.18 crore hares on offer.
Scoda Tubes IPO, with a price band of Rs 130-140 per share, will conclude on May 30. The portion for non-institutional investors received 20.21 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 6.46 times. The quota for Qualified Institutional Buyers (QIBs) fetched 1.93 times subscription, as per data available with the NSE. Earlier, the company raised Rs 66 crore from anchor investors.
Scoda Tubes IPO GMP
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. Investorgain quoted a GMP of Rs 22 for the shares of the company, indicating a premium of 15.71 percent.
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 both NSE and BSE on Wednesday, June 4.
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