Shares of Gujarat-based Scoda Tubes debuted flat on the NSE at ₹140 apiece, aligning exactly with the upper end of its IPO price band of ₹130–₹140. The lackluster debut comes despite strong subscription numbers, with the ₹220-crore IPO seeing 53.78 times oversubscription overall.
The issue, entirely a fresh equity offering with no offer for sale (OFS), received robust demand across categories. The Qualified Institutional Buyers (QIB) segment was subscribed 69.51 times, the Non-Institutional Investors (NII) portion saw 113.03 times subscription, and the Retail Individual Investors (RII) segment was booked 19.40 times.
Despite the overwhelming response during the bidding phase, the stock’s flat listing and sluggish demand on the exchange reflect cautious investor sentiment post-listing. At the time of listing, order book data shows over 3.99 lakh shares available for sale at ₹140, while buy bids remain thin, leading to no immediate price movement.
Scoda Tubes specializes in the manufacturing of stainless-steel tubes and pipes, catering to EPC and industrial clients in sectors like oil and gas, power, chemicals, and fertilizers. Proceeds from the IPO are earmarked for capacity expansion, working capital needs, and general corporate purposes.
Monarch Networth Capital acted as the book-running lead manager for the issue.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
