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Shares of Diffusion Engineers on Friday made a decent debut despite broader market witnessing selling pressure. After listing with a premium of over 15 per cent on the BSE at ₹188 against the IPO price of ₹168, the stock further rose to ₹197.35, up 17.47 per cent over the issue price.
On the NSE, it the stock listed higher ₹193.50 and further jumped to Rs 203.17 , up nealry 21 per cent.
The initial public offer of Diffusion Engineers Ltd was subscribed 114.50 times. The ₹158-crore (entirely a fresh issue) IPO came out with a price range of ₹159-168 a share.
Diffusion Engineers is engaged in the business of manufacturing welding consumables, wear plates & wear parts, and heavy engineering machinery for core industries.
Diffusion Engineers had raised ₹47.15 crore from four anchor investors - HDFC Mutual Fund, 3P India Equity Fund I, Saint Capital Fund and Craft Emerging Market Fund PCC.
The funds raised will be utilised to fund capital expenditure requirements for the expansion of the existing manufacturing facility at Nagpur, Maharashtra. The company will also set up a new manufacturing facility in Nagpur. Funds will be used for working capital requirements and other general corporate expenses.
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