Scoda Tubes Secures Rs 66 Crore from Anchor Investors Ahead of IPO

Stainless-steel tubes and pipes manufacturer Scoda Tubes, based in Gujarat, has secured Rs 66 crore from anchor investors ahead of its initial public offering (IPO). The investors include Malabar India Fund, MNCL Capital Compounder Fund 2, and several others, as noted in a circular on the BSE's website.

Scoda Tubes has allotted 47,14,200 equity shares to these investors at Rs 140 each, which is the upper limit of the stated price band. The IPO, which opens for public subscription from May 28 to May 30, is purely a fresh equity issue amounting to Rs 220 crore, with no offer for sale (OFS) component.

The company, which aims to increase its production capacity for seamless and welded tubes and pipes, anticipates its shares listing on the BSE and NSE by June 4. This expansion plan targets a broad customer base, including those in the oil and gas, chemical, and power sectors.

(With inputs from agencies.)