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3w ago

Scoda Tubes IPO Subscribed 8.11 Times on Second Day as GMP Signals 15% Listing Gain

Proceeds will expand seamless and welded tube capacity at its Mehsana plant, supporting working-capital requirements as the offer moves to allotment on June 2.

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IPO | Image: unsplash
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Overview

  • Scoda Tubes' IPO opened on May 28 and closes on May 30, comprising 1.57 crore fresh shares priced between Rs 130 and Rs 140 to raise Rs 220 crore.
  • The issue was subscribed 8.11 times by the second day, driven primarily by strong non-institutional and retail bids.
  • Grey market premiums of Rs 18–22 suggest a listing price near Rs 162, reflecting an expected gain of about 15% over the band’s upper limit.
  • The company plans to invest Rs 77 crore in expanding seamless and welded tube capacity and allocate Rs 110 crore towards working capital.
  • Share allotment is scheduled for June 2 with a planned listing on the NSE and BSE on June 4.