Scoda Tubes hits upper circuit after muted listing

4 Jun 2025 , 12:11 PM

The stainless steel pipes and tube maker, Scoda Tubes made flat listing on D-Street on June 04, 2025. However, post a muted listing, the shares hit 5% upper circuit at ₹147.

The company raised ₹220 crore from the initial public offer (IPO) at an issue price of ₹140 per share.

The public offer has been subscribed 57.37 times in the subscription period from May 28 to 30, 2025. The highest bidders were HNIs who subscribed the IPO 121.72 times, followed by QIB portion which received 72.97 times bids. The retail portion of the IPO has been subscribed 20.89 times.

According to RHP, the company aims to use the proceeds from fresh issue towards increasing production capacity. It will also use funds towards working capital requirements and other general corporate purposes.

The company’s products are used by a diverse range of customers. These includes engineering companies, EPC firms, and industrial companies engaged in sectors such as oil and gas, chemicals, fertilizers, power, pharmaceuticals, automotive, railways, and transportation. In addition, the company also operates a hot piercing mill to produce mother hollows. This mill serves as the principal raw material place for its stainless-steel seamless products.

As of December 31, 2024, the company’s net profit rise 76% to ₹18.3 crore from ₹10.34 crore in FY23. It reported increase in revenue from operations to ₹402.49 crore for FY24 from ₹307.79 crore in previous year.