Scoda Tubes, a stainless-steel tubes and pipes manufacturer, made a flat debut on the Indian stock exchanges today. The company made its debut on Dalal Street with a flat listing, as the shares opened exactly at the issue price of Rs 140 on both the NSE and BSE.
Let’s take a look at the key highlights of this mainboard issue –
Scoda Tubes IPO: IPO timeline
Scoda Tubes IPO, which was open between May 28 and May 30, saw a decent interest from institutional and retail investors alike. The Rs 220 crore issue, which was entirely a fresh issue of 1.57 crore equity shares, was subscribed 53.78 times in total.
Retail investors subscribed 19.40 times, non-institutional investors oversubscribed by 113.03 times, while qualified institutional buyers (QIBs) booked their portion 69.51 times.
Scoda Tubes IPO: Grey market buzz
Leading up to the listing, Scoda Tubes IPO shares were quoting a grey market premium (GMP) of Rs 20 per share, indicating bullish expectations from investors.
Scoda Tubes IPO: Backed by big names before it even listed
Even before the IPO opened to the public, Scoda Tubes had already raised Rs 65 crore from six anchor investors.
The list of anchors included well-known names such as Malabar India Fund, MNCL Capital Compounder Fund 2, Aarth AIF Growth Fund, and Swyom India Alpha Fund.
Scoda Tubes IPO: What does Scoda Tubes do?
Incorporated in 2011, Scoda Tubes manufactures stainless-steel pipes and tubes used across industries like oil & gas, chemicals, power, and automobiles.
Looking at the Scoda’s financial performance, the company between FY22 and FY24 saw its revenue grew at a CAGR of 43.6%, while net profit surged at a CAGR of 234.5%.