Scoda Tubes share price: Stock hits 5% upper circuit after flat listing

Scoda Tubes share price: Shares of stainless-steel tube and pipe manufacturer Scoda Tubes made a muted debut on the stock exchanges—NSE and BSE—listing at par with the issue price of ₹140 per share.

At both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), the stock debuted at ₹140, which is also its issue price.

Minutes into the trading, it climbed 5% to ₹147, its upper circuit limit, on the NSE.

Scoda Tubes share price: Here's how much investors made per lot

The ₹220 crore initial public offer got subscribed 53.78 times due to strong participation from institutional investors.

Non-institutional investors' quota fetched 113.03 times subscription, while the portion for qualified institutional buyers was subscribed 69.51 times. The retail investors category got 19.40 times the subscription.

The initial share sale, which was solely a fresh issuance of 1.57 crore shares, had a price band of ₹130-₹140 per share.

The company intends to utilise proceeds from the fresh issue to expand the production capacity and fulfil working capital requirements as well as for general corporate purposes.

Scoda Tubes is engaged in the manufacturing of stainless-steel tubes and pipes, serving customers like EPC and industrial firms engaged in oil and gas, power, chemicals, fertilisers, etc.

The company reported a 30.76% increase in its revenue from operations to ₹402.49 crore in the financial year 2023-24, compared to ₹307.79 crore a year back.

The net profit climbed 76.98% to ₹18.3 crore in FY24 as against ₹10.34 crore in FY23.