Scoda Tubes Rs 220-cr IPO to open on Wednesday; sets price band at Rs 130-140/share

New Delhi: Stainless-steel tubes and pipes manufacturer Scoda Tubes on Friday fixed a price band of Rs 130-140 per share for its Rs 220-crore initial public offering (IPO).

The IPO will open for public subscription on May 28 and conclude on May 30. The one-day bidding for anchor investors will open on May 27, the Gujarat-based company said in a statement.

Scoda Tubes' 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.

The company is valued at around Rs 840 crore at the upper end of the price band, the brokerages said.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

The company is a stainless-steel tubes and pipes manufacturer, catering to a diverse range of customers like EPC, and industrial companies engaged in oil and gas, chemicals, fertilisers, power, etc.

Monarch Networth Capital is the book-running lead manager to the IPO. The shares of the company are expected to be listed on the BSE and NSE on June 4.