Scoda Tubes’ Rs 220-cr IPO to open on May 28

Mumbai: Scoda Tubes Limited shall open its bid / issue in relation to its initial public offer (IPO) of equity shares on May 28. The anchor investor bidding date is May 27. The bid will open on Wednesday next for subscription and will close on May 30. Bids can be made for a minimum of 100 equity shares and in multiples of 100 thereafter.

The price band has been fixed at Rs130 to Rs140 per equity share. The total issue size of equity shares with face value Rs10 each aggregating up to Rs2,200 million (Rs220 cr) comprises only of fresh issue of equity shares.

The company proposes to utilize the net proceeds from the issue towards the following objects –(i) Capital expenditure towards expanding production capacity of seamless and welded tubes and pipes estimated to be Rs769.90 million (Rs76.99 cr); (ii) Funding the part incremental working capital requirements of the company estimated to be Rs1,100 mn (Rs110 cr) and general corporate purposes.