Scoda Tubes Ltd Surges in Stock Market Debut

Scoda Tubes Ltd made a notable entrance into the stock market on Wednesday as its shares debuted at the issue price of Rs 140. The company's stock quickly rose by nearly 5% on both the BSE and NSE.

Impressively, the initial public offering was subscribed 53.78 times, with a pricing band set between Rs 130 and Rs 140 per share. The IPO raised Rs 220 crore, marking the Gujarat-based firm's significant financial milestone.

The raised capital will be invested in expanding the production capacity of seamless and welded tubes and pipes, addressing working capital needs, and furthering corporate objectives. Scoda Tubes serves a wide client base, including sectors like oil, gas, and chemicals.

(With inputs from agencies.)