Scoda Tubes Stock Lists at Par, Jumps 5%

New Delhi, Jun 4 (PTI) Shares of stainless-steel tubes and pipes manufacturer Scoda Tubes Ltd on Wednesday listed at par with the issue price of Rs 140.

The stock started the trade at Rs 140 on both the BSE and NSE.

Later, shares of the firm climbed 4.96 per cent to Rs 146.95 -- the upper circuit limit -- on the BSE.

At the NSE, the stock jumped 5 per cent to Rs 147 -- the upper circuit level.

The company's market valuation stood at Rs 874.37 crore.

The initial public offer of Scoda Tubes received 53.78 times subscription on the closing day of bidding on last Friday.

The initial share sale had a price band of Rs 130-140 per share.

The Gujarat-based company's IPO was 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 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.