 "Diffusion Engineers files IPO papers, will use funding for expansion")
Engineering solutions provider Diffusion Engineers has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial share sale.
The initial public offering (IPO) is purely a fresh issue of up to 98,47,000 equity shares with a face value of Rs 10 each, according to the draft red herring prospectus (DRHP) filed on Dec 27.
Going by the draft papers, proceeds from the issue will be used by the company towards expansion of its existing manufacturing facility and setting up a new manufacturing facility in Maharashtra.
Proceeds will also be used towards funding working capital requirements and general corporate purposes.
Incorporated in 1982, Diffusion Engineers engaged in the business of providing engineering solutions to customers in domestic and international markets.
The Nagpur-based firm provides a wide range of products and services, including the manufacture of special welding consumables, wear plates and heavy engineering equipment, and provides customised repairs and reconditioning services for heavy machinery and equipment.
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Unistone Capital Pvt Ltd is the sole book-running lead manager, while Bigshare Services Pvt Ltd is the registrar for the IPO.
The company's equity shares are proposed to be listed on the BSE and National Stock Exchange (NSE).
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