Shares of Diffusion Engineers were currently trading at Rs 197.35 at 10:13 IST on the BSE, representing a premium of 17.47 % as compared with the issue price of Rs 168.
The scrip was listed at Rs 188, exhibiting a premium of 11.9% to the issue price.So far, the stock has hit a high of 197.35 and a low of 188. On the BSE, over 1.33lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Diffusion Engineers was subscribed 54.24 times. The issue opened for bidding on 26 September 2024 and it closed on 30 September 2024. The price band of the IPO was fixed between Rs 159 to 168 per share.
The IPO comprises fresh issue of equity shares of 9405000 equity share of Rs 10 face value.
Of the net proceeds from the fresh issue, about Rs 71.38 crore will be used for funding capital expenditure requirements towards expansion of its existing manufacturing facility Unit IV at Khapri (Uma) in Nagpur, Rs 30.385 crore towards setting up of a new manufacturing facility located at Hingna in Sonegaon District of Maharashtra, Rs 22 crore towards funding working capital requirements of the company and balance for general corporate purposes.
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Ahead of the IPO, Diffusion Engineers on Thursday, 5 September 2024, raised Rs 47.14 crore from anchor investors. The board allotted 28.06 lakh shares at Rs 168 each to 5 anchor investors.
Diffusion Engineers, promoted by Prashant Garg, manufactures welding consumables, wear plates and wear parts and heavy engineering machinery for core industries. It provides specialized repairs and reconditioning services for heavy machinery and equipment and trades anti-wear powders and welding and cutting machinery.
The company provides super conditioning process at its manufacturing facilities, a surface treatment solution for machine components that enhances wear resistance, eliminates stress and improves their repairability ultimately extending their lifespan and reducing production costs.
The firm reported a consolidated net profit of Rs 30.80 crore and sales of Rs 278.14 crore for the twelve months ended on 31 March 2024.
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